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Colombia fines consortium $84 million | Business Insurance

Colombia fines consortium $84 million | Business Insurance
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UPDATE 1-Colombia regulator fines Odebrecht, consortium members $84 5 million

By Reuters Staff (Adds response from Corficolombiana and Episol) BOGOTA, Dec 28 (Reuters) - Colombia’s commerce regulator has issued fines worth a total of 295.1 billion pesos ($84.5 million) against members of a consortium led by Brazilian construction firm Odebrecht for breaking competition rules, it said on Monday. The Superintendency of Industry and Commerce (SIC) fined Odebrecht 175.6 billion pesos for its part in devising and executing a plan to restrict free competition during the award of a contract in 2010, it said in a statement. Corficolombiana was fined 55.6 billion pesos, while Episol - a subsidiary of Corficolombiana and Grupo Aval - was fined 33.8 billion pesos, the regulator added.

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