The news site has reported that The Competition Authority is investigating allegations that an illegal cartel in the west of Ireland is driving up the price of concrete.
This follows the Senior Chief Executive of a company making a sworn statement to the Competition Authority about his company's involvement in an illegal price fixing cartel in the concrete industry in the West of Ireland.
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It is alleged that concrete used for road building was driven up over the last few years during the days of the Celtic Tiger.
"The CEO alleged that members of the cartel, who he has named, colluded to restrict competition, and increased the price of concrete in the region during the building boom," reported RTE.
It is understood that the group would meet informally on an almost daily basis, and then formally on a monthly basis to arrange price fixing and to divide market share.
The Competition Authority's Mission Statement is "to ensure competition works well for consumers and the Irish economy". It is an independent statutory body that enforces Irish and European competition law. The authority has refused to comment on the investigation.
If the operation of an illegal cartel were proven it could open the way for follow-on claims by local authorities and others who could claim to have been overcharged for road building and infrastructure improvements in recent years.
(LB/BMcC)
