Cofece Fines Walmex for Monopolistic Practices

Cofece, Mexico's antitrust authority, has fined Walmart's Mexican unit, Walmex, approximately $4.6 million for alleged monopolistic practices concerning suppliers. Walmex plans to contest the ruling, which stems from a four-year investigation by Cofece.

Mexico's antitrust authority, Cofece, has imposed a substantial fine on Walmex, the Mexican arm of Walmart, citing engagement in monopolistic practices with its suppliers.

In a statement released on Friday, Walmex disclosed that the penalty amounts to 93,366,000 pesos, or around $4.6 million, which the company intends to appeal.

This decision follows a comprehensive Cofece investigation spanning over four years, highlighting significant regulatory developments in Mexico's retail sector. With the exchange rate at $1 to 20.2422 Mexican pesos, the financial implications are substantial for the retail giant.

(With inputs from agencies.)