Colombia: Regulator sets historic record in competition fines

Colombian authorities have broken all previous records for the amount and frequency of fines imposed on companies, the result of a hard-line approach against anti-competitive behavior after decades of looking the other way while consumers were stuck with higher prices. Only last year, Colombia’s antitrust regulator had imposed fines totalling over $126 million US on various companies – more than triple from the previous year – particularly after important cartels were discovered in the Sugar and rice sectors.

It is only recently that companies have to fear the regulator: Back in 2009, the totality of fines levied on Colombian companies barely went over $1.7 million. “Plenty of countries battle business cartels since the late 19th Century while we seem to have defended it for years” commented Pablo Felipe Robledo, head of Colombia’s Superintendence for Industry and Commerce.

These measures are part of a broader effort to improve business practices across the country in order to fulfil the requirements imposed by the OECD group of countries, which Colombia has repeatedly applied to join. Colombian companies have also become more aware of competition laws, and the penalties and risks associated with violating them.

Full Content: El Dia

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