The Colombian Superintendent of Industry and Commerce (SIC) ratified sanctions that were imposed in December on Cementos Argos, Holcim Colombia and Cemex Colombia, for price cartelization that took place between 2010-2012, reported El Tiempo. The cement producers were fined a combined $71.6 million (COP 201,616 million).

Cementos Argos was fined $26.2 million (COP 73,771 million), the same sum Cemex Colombia paid in January. Holcim Colombia’s fine amounted to $19.2 million (COP 54,074 million).

Although the company indicated that it would pay the fine, Cementos Argos announced that it would “[rely] on the objectivity, responsibility and proper functioning of the institutions” and file an annulment action before the Contentious Administrative Tribunal.

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