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Peru May Fine Kimberly-Clark for Alleged Price Fixing
Source: Associated Press
Peru May Fine Kimberly-Clark for Alleged Price Fixing
By FRANKLIN BRICENO, ASSOCIATED PRESS
LIMA, Peru — Dec 15, 2015, 6:55 PM ET
Antitrust regulators in Peru are considering fining Kimberly-Clark up to 12 percent of its earnings for allegedly conspiring for almost a decade with a competitor to set prices for toilet paper and other products in the South American country.
In opening a sanctions process Tuesday, regulators said that executives of Kimberly-Clark's local subsidiary, including several former general managers, and their counterparts from Chile's CMPC worked together from 2005 to 2014 to set prices and coordinate promotions. They said the scheme, which was orchestrated in secret meetings at hotels and phone conversations, helped inflate prices by as much as 20 percent.
Kimberly-Clark Peru said in a statement that it was cooperating with authorities but declined to comment further as the investigation was ongoing. No fines or sanctions have yet been levied.
The action follows a similar price-fixing probe launched last year against CMPC in its home market and an effort by authorities in Colombia to dismantle the so-called toilet paper cartel in which another Kimberly-Clark subsidiary faces fines upward of $20 million for each infraction.
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By FRANKLIN BRICENO, ASSOCIATED PRESS
LIMA, Peru — Dec 15, 2015, 6:55 PM ET
Antitrust regulators in Peru are considering fining Kimberly-Clark up to 12 percent of its earnings for allegedly conspiring for almost a decade with a competitor to set prices for toilet paper and other products in the South American country.
In opening a sanctions process Tuesday, regulators said that executives of Kimberly-Clark's local subsidiary, including several former general managers, and their counterparts from Chile's CMPC worked together from 2005 to 2014 to set prices and coordinate promotions. They said the scheme, which was orchestrated in secret meetings at hotels and phone conversations, helped inflate prices by as much as 20 percent.
Kimberly-Clark Peru said in a statement that it was cooperating with authorities but declined to comment further as the investigation was ongoing. No fines or sanctions have yet been levied.
The action follows a similar price-fixing probe launched last year against CMPC in its home market and an effort by authorities in Colombia to dismantle the so-called toilet paper cartel in which another Kimberly-Clark subsidiary faces fines upward of $20 million for each infraction.
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Read more: http://abcnews.go.com/International/wireStory/peru-plans-fine-kimberly-clark-alleged-price-fixing-35783333
1 replies
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Had to go to google images to catch some short views of some of their many, MANY products:
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You might remember Rep. Jim Sensenbrenner of Wisconsin is the heir to the "Kotex" blob of money accumulated from the production of that product.
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Congressman Sensenbrenner.
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Kimberly Clark, too big to be chastised, unfortunately. Is this the way the world is SUPPOSED to work?
