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Mexichem to pay USD 29 mn for violating Brazil's economic competition rules

Mexican industrial group said that Cade notified Mexichem of alleged violations of economic competition rules in Brazil.


Mexichem to pay USD 29 mn for violating Brazil's economic competition rules
Through the agreement, the Brazilian unit of Mexichem committed to paying a pecuniary contribution of 95.1 million reais. (Image Credit: Wikimedia )

Mexico's Mexichem said on Tuesday that its Brazilian unit reached a cease and desist agreement with Brazilian anti-trust agency Cade on alleged breaches of competition rules and would pay 95.1 million reais. (USD 28.6 million) in compensation.

In a statement, the Mexican industrial group said that Cade notified Mexichem of alleged violations of economic competition rules in Brazil committed by the subsidiary and some former employees of the company between 2003 and 2009.

"Mexichem is fully committed to compliance with local regulations in all countries where it operates and executed all the corrective measures in the case," the company said in a report to the Mexican Stock Exchange (BMV).

Through the agreement, the Brazilian unit of Mexichem committed to paying a pecuniary contribution of 95.1 million reais within a period of 240 days, he said. Cade also imposed sanctions on former employees who worked in the company during the period under investigation.

(With inputs from Reuters)


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