Cement News tagged under: cartelisation
Builders' Association of India seeks cement regulator08 January 2018, Published under Cement NewsTo secure the smooth expansion of India's construction sector, the Builders' Association of India (BAI) highlighted the need for creating a cement regulator. Subcontractors in the construction sector are still levied a general sales tax (GST) of 18 per cent, according to the BAI, who emphasised the need to reduce the tax. The establishment of a cement regulatory authority will help control pricing and prevent cartelisation by cement producers, said B Seenaiah, BAI chief patron. “Th... |
Cementos Argos18 December 2017, Published under Cement NewsCementos Argos, along with Cemex and Holcim, is facing fines in excess of US$66m for alleged price fixing. Colombia’s trade and industry regulator believes the three companies, which together represent 96 per cent of the country’s cement market, set prices between January 2010 and December 2012. During this period, cement prices rose by almost 30 per cent against inflation of just 9.3 per cent. “Argos, Cemex and Holcim did not offer an economically reasonable or truthful explanation that ... |
Cementos Argos, Cemex and Holcim fined COP200bn13 December 2017, Published under Cement NewsColombia has fined Cementos Argos, Cemex and Holcim over COP200bn (US$66m) for fixing prices, according to Reuters. The fine has been applied to the companies and some of its managers. In total, the companies represent 96 per cent of Colombia’s cement market and allegedly agreed to set prices between January 2010 and December 2012. Cement prices in this period increased 29.9 per cent whilst inflation was just 9.3 per cent. Holcim released a statement protesting the fine applied by the ... |
Cemex, Holcim, Cementos Argos face cartel allegations in Colombia16 October 2017, Published under Cement NewsCemex, Holcim and Cementos Argos have 20 days to respond to allegations of cartelisation in the Colombia’s cement market. If the evidence against the companies is found conclusive, they could be subject to fines of up to COP70bn (US$23.9m) per infraction. The investigation started in August 2013 when the Superintendency of Industry and Commerce (SIC) opened an investigation and formulated a statement of objections against Cementos Argos, Cemex, Holcim, Cementos Tequendama, Cementos San Ma... |
India: Seven cement firms fined for bid-rigging20 January 2017, Published under Cement NewsThe Competition Commission of India (CCI) has imposed fines totalling more than INR2bn (US$30m) on seven cement firms it found guilty of colluding in their responses to a 2012 tender from Haryana state, Indian media reports. The companies have each been fined 0.3 per cent of their average annual turnover for the past three years. Ultratech faces the largest penalty, at INR683m – around a third of the total. The other firms fined were Jaiprakash Associates, ACC, Ambuja Cements, Shree Cemen... |
India Cements receives stay on CCI fine29 November 2016, Published under Cement NewsIndia Cements received a stay order following its appeal of the decision made by the Competition Commission of India (CCI) to impose a INR1.87m fine on it for unfair pricing practices. On 31 August, CCI imposed penalties of around INR67bn on 10 cement companies and the Cement Manufacturers’ Association for cartelisation. COMPAT imposed a condition that India Cements would have to deposit 10 per cent of the penalty in the registry of the tribunal in the form of six-month fixed deposit with... |
UltraTech Cement27 September 2016, Published under Cement NewsUltraTech is one of 10 companies being fined by the Competition Commission of India (CCI) for allegedly conspiring to fix cement prices, contravening competition law. The total fine amounts to US$944m, 76 per cent of which is being borne by UltraTech, Jaiprakash Associates, Ambuja Cements and ACC. Other firms being penalised include Lafarge Century, Ramco, India Cements, Binani and JK Cements. The Cement Manufacturers Association (CMA) is also been ordered to pay US$110,000. The fine foll... |