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Brazil: Mexichem agrees to pay US$28.6m in antitrust settlement

By  |  March 28, 2018

Mexican industrial group Mexichem said on Tuesday, March 27, that its Brazilian unit has reached a cease and desist agreement with Brazil’s antitrust agency, Cade, over alleged breaches of competition rules, and will pay 95.1 million reais (US$28.6 million) in compensation.

In a statement, the Mexican group said Cade notified Mexichem in 2016 of the suspected violations, which concerned former employees during the 2003-09 period.

By way of the agreement, Mexichem’s Brazil unit undertook to pay compensation of 95.1 million reais (US$28.6 million) within a 240-day window, it said. Cade also imposed penalties on former staff who worked at the company in the period under investigation.

Full Content: Business Wire

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