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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Subscribers Defend $4.7 Billion Antitrust Verdict Against NFL in Court Filings
Jul 19, 2024 by
CPI
Von der Leyen Calls for Competition Policy to Boost EU Companies’ Growth
Jul 19, 2024 by
CPI
Vermont AG Sues Pharmacy Benefit Managers Over Drug Prices
Jul 18, 2024 by
CPI
Australians Face Increased Stamp Prices Following ACCC Approval
Jul 18, 2024 by
CPI
Live Nation Seeks Dismissal of DOJ Antitrust Allegations
Jul 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI