Colombia: SIC clamps down on cattle cartel

Colombia’s Superintendence for Industry and Commerce has issued sanctions against the Cattle Auction Association and its constituents over their participation in a cartel to fix the prices and commissions in cattle auctions. The move was taken following recommendations from the Superintendence’s Competition Protection division.

The Agency’s investigation into the 17 companies that form the ASG revealed summaries of Executive-level meetings where prices for cattle were agreed beforehand in order to maximize the commissions gained from the sales. The move also included mechanisms to ensure compliance with the group’s decisions, fixing prices for both sales and commissions.

The SIC also issued individual fines to 17 legal representatives of the companies involved for their role in facilitating, collaborating with and executing the cartel scheme. Major cattle dealers involved include the Compañía Comercializadora Ganadera, Comercializadora de Ganados de Sucre, Inversiones Ganaderas Isaye and Comercializadora Promotora Ganadera Asocebú.

Full Content: Dinero

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