Colombia: Holcim fine over participation in cement cartel confirmed

The State Council of Colombia has confirmed a series of million-dollar sanctions, imposed by the Superintendence of Industry and Commerce, against cement company Holcim Colombia S.A., a subsidiary of the Swiss-based international group Holcim. This announcement comes days after the authority did the same against cement company Cemex Colombia, for the same reason.

The high court upheld the penalties of 923 and 138 million Colombian pesos (US$314,000 and US$47,000 respectively) imposed by the Superintendency, considering that the Holcim company conducted conduct with the intention of manipulating the price of portland gray cement 1 and distribute the market for that product.

The high court also refused to reduce the sanction, as requested Holcim, considering that this irregular action lasted for the months of June to December 2005 and even influenced the last price setting of that year, which governed the beginning of 2006.
Full Content: El Espectador

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