Cementos Argos SA (CEMARGOS), Colombia’s largest cement maker, faces a probe of allegations it conspired with rivals to fix prices over the past three years, the country’s industry regulator said today.
The Superintendency of Industry and Commerce has opened an investigation of five cement companies including Medellin-based Cemargos for “an alleged agreement to fix prices and divide up the market,” according to an e-mailed statement from the regulator. Colombia has been monitoring “sustained and unjustified” increases in cement prices since 2010, the superintendency said.
Cemex Colombia, a unit of Bogota-based Cemex Latam Holdings SA (CLH), is included in the probe, as are Holcim (Colombia) SA, Cementos Tequendama SAS and Cementos San Marcos SA, according to the statement.
The regulator will examine whether 14 people including Cemargos Chief Executive Officer Jorge Mario Velasquez and Cemex Latam’s Carlos Jacks collaborated, facilitated, authorized or implemented anti-competitive practices, according to the statement.
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