Shares had hit the ceiling after the earthquake! Competition Board launches investigation into 17 cement companies

Competition Authority President Birol Küle provided information regarding the work being carried out in the fields of cement, ready-mixed concrete, and construction chemicals.

"WE HAVE OBTAINED STRONG EVIDENCE"

Emphasizing that they will not allow opportunists to thrive in these sectors, Küle stated the following:

"Let me share for the first time that we have launched an investigation into 17 enterprises as part of our examinations focused on the earthquake zone. In our examinations, we obtained strong evidence that the enterprises under investigation were fixing prices together and sharing customers, and we have initiated our investigation process. Our sensitivity continues with the same determination."

Stating that they have also launched an investigation into the construction materials sector, specifically regarding construction chemicals, Küle continued:

"Construction chemical additives and mixtures are used as an important input in the cement and ready-mixed concrete sectors. Similarly, we have suspicions that agreements were reached regarding pricing strategies, that competition-sensitive information was exchanged, and that there was collusion in tenders. In this context, we conducted on-site inspections at 14 enterprises and 2 associations of enterprises operating in this field. In addition to the examinations we are conducting in the cement and ready-mixed concrete sectors, it is important to detect and impose necessary sanctions on anti-competitive behaviors that have emerged, especially in the post-earthquake period, in the markets for construction chemicals, chemical additives, and mixtures, which are significant input items in these sectors."

Pointing out that this investigation also has an international dimension, Küle said that in the investigations they are conducting, they are in communication and exchanging views with the competition authorities of other countries, primarily the European Commission's Directorate-General for Competition.

Stating that they carried out the preparatory work for the investigation launched into construction chemicals in cooperation with this institution, Küle said, "The examinations we launched on October 17 were carried out simultaneously with the European Commission and the United Kingdom's Competition and Markets Authority."

SHARES HAD HIT THE CEILING DURING THE EARTHQUAKE

While Turkey was struggling with destruction during the earthquake, the stock exchange was left open despite the declines in the first two days. During these first two days when it remained open, cement and construction stocks on the stock exchange had hit the ceiling.

News Source: AA