Cemex Latam Holdings (CLH), a subsidiary of Cemex, denies corruption allegations, after Colombian news magazine Semana alleged documents show the company sought to expand its business by financing political campaigns and paying bribes, reported Reuters.
“Contrary to what has been published in some media, Cemex does not have an office that is dedicated to activities that are contrary to the law,” CLH said in a statement to the country’s financial regulator.
The producer explained that its Enterprise Risk Management office, alluded to in the Semana article, is meant to examine difficulties, which the company could potentially face.
“For Cemex, the administration of risk is fundamental to reduce the impact of adverse events and to capitalize on opportunities that emerge from an ever-more complicated and uncertain business environment,” the statement said.
In 2016, the company severed its relationship with some former executives because of irregularities that cost the company at least $20 million. It is currently under investigation by the United States and Colombia to determine if it violated corruption laws during the construction of a plant in Colombia.