Last week, Air Liquide, Air Products, Linde and Praxair’s Brazilian subsidiary White Martins, all received fines by the Brazilian antitrust authority, Conselho Administrativo de Defesa Econômica (CADE). During the controversy, seven managers of the companies were implicated. Despite this, Praxair has firmly rejected the allegations.
On 1st September, CADE accused anticompetitive activity on the part of five key industrial companies in Brazil. Consequently, White Martins, the Brazilian SUBSIDIARY OF Praxair, Inc, was fined 2.2bn reais, approximately $1.3bn. Both companies responded, “Praxair and White Martins are shocked by the fine and absolutely reject all claims, including the allegation that White Martins is a repeat offender.”
The statement continued, “Praxair strongly believes that the allegations of anticompetitive activity against our Brazilian subsidiary are not supported by valid and sufficient evidence. We further believe that the fine represents a gross and arbitrary disregard of Brazilian law. The reference to a repeat offence involves a previous non-cartel related case that is under appeal.”
Praxair was keen to reiterate its intention to appeal CADE’s decision and have the fine overturned. Similarly, the Group reaffirmed its commitment to fair competition and to Brazil – a relationship which is founded upon 98 years of history.
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