Cemex Latam CEO Resigns Due to Colombia Land Deal

Cemex Latam Holdings SA, a unit of Cemex, announced that Carlos Jacks, chief executive of Cemex Latam and director of Cemex Colombia, resigned to “facilitate investigations” after an internal probe found payments related to a cement plant being built in in Maceo, Colombia, didn’t adhere to company policy, reported Bloomberg. Cemex Latam Chairman Jaime Muguiro, who’s been with the company for about 20 years, will take over CEO duties.

The company found payments of about $20 million were made to a non-government individual for land and mining rights, and benefits related to a tax-free area where the Maceo cement plant is being constructed, according to a regulatory filing posted Sept. 23 on the Colombian financial regulator’s website. Cemex said it immediately terminated the vice president for planning and the general attorney for its Latin American and Colombian units.

Cemex has informed Colombian prosecutors of the results from its internal probe, according to the statement, adding that it can’t say whether investigations and actions taken will affect the company.

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