Colombia: Cemex Latam has secured an interim contract with the government for its cement plant project in Maceo, Antioquia. The temporary solution will last until the end of an investigation into the irregular acquisition of the land, tax-free area and mining rights for the factory by Cemex Latam Holdings in 2012, according to the El Espectador newspaper. The company also intends to negotiate an extension of the lease contract, as per its original plans, in order to commence operation of the plant in early 2017.
An internal probe into the land deal found that irregular payments of US$20.5m had been made to Eugenio Diaz Correa, an individual connected to the deal. Cemex has fired Edgar Ramirez, vice president of planning, and Camilo Gonzalez, head of legal department, as part of the investigation and Carlos Jacks, the company's regional director, resigned. Cemex Latam has hired an external audit team and legal representatives in the case that was passed on to the Attorney General's Office of Colombia.
