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Colombia: $20 million fine on Notebook Cartel confirmed

 |  August 23, 2016

Colombia’s Superintendence for Industry and Commerce (SIC) has confirmed it will issue fines for more than $60 billion Colombian pesos (around $20 million US) on three companies, as well as 24 individuals directly involved in forming a cartel to manipulate the country’s notebook and notepad markets. The agreement was found out after13 years of price-fixing by the accused companies.

The three companies to be fined include Kimberly Clark (Colpapel) and Scribe Colombia, as well as local brand Carvajal Cuadernos SA. Several individual directors and other officials at the firms will be personally fined a combined total of nearly $1 million dollars.

During proceedings the companies had presented evidence against the SIC’s investigators. However, the agency determined that the legally-collected evidence, such as mail and e-mails sent between the accused, left no room for doubt regarding the collusion the firms had engaged in. Carvajal Educación has soundly rejected the SIC’s decisions, declaring it will press on with the appropriate authorities in order to prove its innocence.

Full Content: El Heraldo

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