Over 100 competition regulators from 92 countries have gathered in Cartagena, Colombia, to talk about free competition. Commenting on recent events in the host country, Marcus Bezzi, General Director for Australia’s competition agency, said to Caracol Radio that any company that engages in anticompetitive behaviour should be punished, criminally as well as financially.
Ana Martínez, Brazil’s representative, added that the sanctions imposed on the sugar cartel recently broken up by Colombia’s authorities had been set to low, especially when compared to the fines imposed by other countries. “In Brazil the highest penalty has been for one billion dollars, with fines equivalent to 20% of the company’s gross income, particularly in cases involving cartels and other serious violations.”
“It is important to detect cartels, and it’s a good thing that Colombia has the dynamics in place to pursue this. Each country must make the decision on how to prosecute cartels. However, criminal sanctions have an important element of deterrence.” said commissioner Bazzi, adding that he expects that the new law being discussed in Colombia’s congress will provide authorities with greater tools to fight cartels and other violations of antitrust laws.
Source: Caracol
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
