Taiwan Cement fined for price fixing

Taiwan Cement Corp (TCC) is one of 18 firms fined a combined TWD213m (US$7m) for forming a ready-mixed concrete (RMC) price-fixing cartel, accord to Taipei Times. Since 2018 the companies have regularly met in person and messaged via apps to control the supply of RMC and drive up prices, reports the Fair Trade Commission.

TCC faces an individual fine of TWD50m but has said that it will appeal against the ruling. “TCC’s ready-mix concrete quality and price have been considered to be the best in the industry with strong trust from clients. TCC has no need and did not engage in concerted action with peers,” the company said in a regulatory filing.