March 27, 2018 / 10:05 PM / 8 months ago

Mexichem agrees to pay $28.6 mln in Brazil antitrust settlement

MEXICO CITY, March 27 (Reuters) - Mexican industrial group Mexichem said on Tuesday its Brazilian unit has reached a cease and desist agreement with Brazil’s antitrust agency, Cade, over alleged breaches of competition rules, and will pay 95.1 million reais ($28.6 million) in compensation.

In a statement, the Mexican group said Cade notified Mexichem in 2016 of the suspected violations, which concerned former employees during the 2003-09 period.

By way of the agreement, Mexichem’s Brazil unit undertook to pay compensation of 95.1 million reais within a 240-day window, it said. Cade also imposed penalties on former staff who worked at the company in the period under investigation.

Mexichem did not give details of the latter sums. ($1 = 3.3278 Brazilian reais) (Writing by Dave Graham Editing by Leslie Adler)

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