Mexico: COFECE detects Retirement Fund price-fixing

Mexico’s competition regulator COFECE has revealed results of a preliminary investigation, which indicate that various companies may have engaged in monopolistic agreements while operating retirement funds and pensions, known as Afores (Administradora de Fondos para el Retiro).

“There are sufficient elements to lead us to believe that the economic agents we have detected have probably engaged in absolute monopolistic practices” announced the agency. No details were given as to the companies involved.

When launching the investigation in late 2015, COFECE spokesmen clarified that, should the Afores involved be found guilty of said practices, they may be banned from the industry for up to five years, with fines of up to 200,000 Minimum Wage Units (approx. $1.2 million USD) imposed on managing directors and top executives, with additional fines of up to 10% of the Afore’s income, and up to 180,000 MWU (approx. $900,000 USD) to individuals involved.

Full content: Zocalo

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