Cementos Argos rejected the findings, however, arguing that the rise in cement prices was a natural result of high demand during period of economic expansion. In addition, the company noted that taking a longer-term perspective shows cement prices rising well below inflation and the increase in the minimum wage.
“For example,15 years ago, a Colombian could but 18 sacks of cement with a minimum wage; today he can buy 35,” the company said in a statement.
The company said it would continue to cooperate with the investigation but that it expected its arguments to “be taken into account when evaluating the recommendation” to sanction the companies.
