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Report: Cemex would be fined US$1.55mn if found guilty of collusion

Bnamericas Published: Wednesday, May 20, 2009
Mexican cement manufacturer Cemex (NYSE: CX) would be fined 20mn pesos (US$1.55mn) if found guilty of collusion, paper El Semanario quoted anti-trust commission (CFC) spokesperson Gabriela Ramírez as saying. Cemex and fellow manufacturers Cementos Moctezuma, Cruz Azul and Holcim Apasco - a subsidiary of Swiss company Holcim - are being investigated by the CFC over alleged price-fixing, which the commission assures has been occurring since 1982. CFC president Eduardo Pérez Motta said the fine was too low, however, and the entity has been requesting that congress grant it powers to impose more severe penalties to combat collusion in Mexico, the report said. CFC is proposing that fines be as much as 10% of a company's annual sales. Cemex's Q1 sales totaled US$3.66bn, according to El Semanario. Pérez Motta said the investigation, which started in March, could finish by late-2009 if the companies being investigated exercise their legal right to appeal.

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