Former Cemex Colombia directors guilty of fraud over Maceo cement plant land lease

A criminal court has found former Cemex Colombia vice president Édgar Ramírez Martínez and fellow former director Eugenio Correa Díaz guilty of fraud, according to El Espactador newspaper. The court found that Ramírez Martínez had committed unfair administration, illicit enrichment and falsification of a private document in the process of obtaining land for use as a quarry to supply its Maceo cement plant in Antioquia. It found that Correa Díaz had committed illicit enrichment, money laundering and falsification of a private document while serving as an intermediary in the same process. Ramírez Martínez received a prison sentence of 15 years and one month, while Correa Díaz received a sentence of 20 years.

Cemex Colombia obtained the land in question during the administration of the estate of deceased embezzler José Aldemar Moncada. The court found that it had defrauded the true owners, a local family, in order to include it in Moncada’s asset forfeiture prior to sale to Cemex Colombia by Correa Díaz.