Multi million fines can liquidate sugar association in Colombia
The Colombian sugar industry two weeks ago was surprised by a US$115- million- sanction of the Superintendency of Industry and Commerce, SIC, for cartelization (for obstructing imports of sugar from other countries to Colombia). Since then, the outlook for the sector is uncertain.
The president of the Sugarcane Growers Association of Colombia, Asocaña, Luis Fernando Londoño told the local press that the amount of these fines may end the association and the 12 sanctioned mills.
According to Londoño, the $ 30,000 pesos fine to Asocaña, which has an endowment of $ 7.7 million, undermines a fundamental right such as freedom of association, condemning the union to liquidation. “Even if Asocaña sold all their assets it would not be enough to pay a quarter of that penalty,” he told reporters.
Read more:Colombian sugar mills answer to multimillion fine