Spain: The Supreme Court of Spain ruled in favour of tax authorities in their pursuit of Cemex España for its accounting of reported losses in the 2006 – 2009 financial years on 21 November 2023. The authorities imposed a Euro456m fine on the company following an audit in July 2011.
Mexico-based Cemex said that is has ‘sources of liquidity’ available to pay the fine, which it now anticipates that it will do before the end of June 2024.
Cemex ‘categorically’ disagrees with the imposition of the penalty. The group maintains that the losses Cemex España declared were not used and since 2012 have not been accounted for in its financial statements.