Argentina’s Supreme Court rejects cartel arguments

The Argentine Supreme Court rejected Wednesday the arguments provided by the country’s five largest cement companies – Loma Negra, Minetti, Cemento San Martin, Petroquímica Rivadavia, Cement Avellaneda - and its cement association AFCP against a combined ARP310m (US$60m) fine imposed by the state for price and market fixing.

The court’s decision draws a line under a legal battle that started eight years ago when the original complaint was made under the Roberto Lavagna administration. The companies and the AFCP were found guilt of carving up the market and fixing prices, including in public works tenders during a period running from at least 1981 and 1999.

In October 2012, the National Commission on Protection of Competition (CNDC) imposed sanctions to Loma Negra (ARP138.7m), Juan Minetti (100.1m), Cementos Avellaneda (ARP34.6m), Cemento San Martin (ARP28.5m), Petroquímica Rivadavia (ARP6m) and ARP529,289 to AFCP.