Holcim could face 20% fine, Brazil

Holcim may be issued with a fine this year for price fixing practices in Brazil, a third less than the maximum that was expected, BusinessWeek reports.

Brazil’s antitrust regulator Cade is expected to issue a penalty of 20 per cent of Holcim Brasil’s 2005 revenue, according to a source familiar with the matter. 

Holcim may receive a fine of as much as 30 percent of Brazil revenue in that year, Roland Walker, a company spokesman, said in an e-mail, declining to give the sales figure.

Cade is deciding whether to fine cement makers after Brazil’s Justice Ministry said in November that companies set prices and divided clients in an “elaborate cartel scheme.” Brazil’s Economic Defense Secretariat recommended in November that Cade fine six cement makers including Holcim, Cimpor and Camargo Correa.