CADE Enters Into an Agreement in Cartel Investigation

CADE Enters Into an Agreement in Cartel Investigation
Photo: pexels.com 27.06.2022 238

The total amount of pecuniary contribution determined in the agreement entered into R$6 million.

Magna International, Magna Brazil and an individual linked to them, Agnaldo Cervone, have agreed to pay a total of roughly 6 million reais ($1.2 million) to settle an international cartel probe into automotive-access mechanisms in Brazil.

In particular, the objects of the collusion were sets of cylinders, handles, locks and steering locks. The conduct would have been practiced between, at least, the years 2000 and 2011.

Through the agreement entered into with CADE, the companies and the related individual assumed the commitment to pay a total amount of R$ 6,137,113.29.

In addition to the pecuniary contributions, the companies that signed the Cessation Commitment Terms acknowledged their participation in the conduct, pledged to stop anti-competitive practices and to collaborate with the investigations in progress at the municipality.

Source: Gov.br

cross-border cartels  Brazil 

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