The Commission for the Protection of Competition (CPC) announced on Tuesday fines totaling €1.94 million had been slapped on a number of companies found to have colluded in the production, trade and distribution of ready-mix concrete.
The CPC’s investigation concerned the years 2010 to 2014.
According to the market watchdog, the companies had restricted competition by sharing “sensitive information, leading to the fixing of prices for ready-mix concrete”.
Some of the companies had secretly colluded to divide up clients among themselves. Others squeezed new clients-buyers by making purchase agreements contingent on paying back outstanding dues to members of the colluding group.
In addition, some of the companies had shared information among themselves regarding a tender for a new passenger terminal at the port of Limassol. Their actions were aimed at “tainting competition”, the CPC said.
Other corporations had colluded to fix the price of materials and restrict production and distribution.
Different companies were found to have committed different violations of competition laws.
Other than imposing the fines, the CPC advised the corporations to cease and desist from similar practices in the future.
The steepest fine – €503,000 – was slapped on Athinodorou & Poullas Super Beton Ltd.
The company K. Kithreotis Skyrodema Ltd got fined €409,000.
