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Cemex fires executives over Colombia land deal

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World Cement,

Reuters are reporting that Cemex has announced that it has dismissed two senior Cemex Latam executives over suspect payments worth around US$20 million relating to a land deal in Colombia.

Cemex announced that the two were fired after an internal probe found the acquisition of land, mining rights and benefits of the tax-free area where it is building a new cement plant in Maceo, northern Colombia, breached company protocols.

In addition, the chief executive of Cemex Latam and director of Cemex Colombia, Carlos Jacks, a 24-year Cemex veteran, has resigned to facilitate investigations.

Cemex said it had informed the Colombian Attorney General about the matter and would cooperate as required.

Edited from source by Joseph Green. Source: Reuters

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