Colombia: Cemex seeks annulment of SIC fine

Cemex Colombia S.A. (Cemex Colombia) filed an annulment against the sanctions imposed by the Superintendency of Industry and Commerce (SIC), as a result of an alleged agreement to fix cement prices in the Colombian market.

The penalty, imposed in December 2017, forced the company to pay a fine of $73.77 billion Colombian pesos (approximately US$25.7 million), which was covered on January 5, 2018. For its part, the president and legal representative of Cemex Colombia, Carlos Jacks Chavarria, was forced to pay $272.9 million Colombian pesos (approximately US$95,000).

However, Cemex has confirmed on several occasions that throughout the investigation the company presented a solid legal and economic argument that disputes the charges presented by the SIC. “Cemex Colombia believes that it has the legal and economic arguments that demonstrate the correctness of its actions, which is why it expects that the Administrative Tribunal of Cundinamarca will value and accept them, proceeding to annul the aforementioned Resolution and ordering the restitution of the sanction paid, with the adjustments established by the Law” the company said in a statement.

Full Content: El Espectador

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