Colombia’s State Council ratifies Holcim pricing sanction

Following Colombia’s State Council confirmation of a million-dollar sanction imposed by the Superintendency of Industry and Commerce against Cemex Colombia, the country’s High Court confirmed the fine of COP923m to Holcim Colombia SA. The fine was first imposed in 2008 but Holcim Colombia had appealed.

The State Council said that there are indications about the existence of market share agreements and allocation of production quotas between the companies Holcim Colombia SA, Cemex Colombia SA and Argos , which affected the behaviour of prices, supply and demand management of sales of grey cement nationwide. Among the tests are various emails with insider trading between companies.
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.