November 29, 2020

Cell Firm in Mexico Fined $1 Billion

MEXICO CITY (AP) — Mexico’s antitrust commission has fined a subsidiary of América Móvil 12 billion pesos, or $1 billion, the parent company announced.

The agency, the Federal Competition Commission of Mexico, said that the cellphone subsidiary, Telcel, had engaged in monopolistic practices associated with call terminations, América Móvil said in a filing with the Mexican stock exchange late Friday.

The company, controlled by the billionaire Carlos Slim Helú, said that it was studying the ruling and all options for appeal.

América Móvil is the largest provider of wireless service in Latin America, with 225 million subscribers. Its 2009 revenue totaled $30 billion.

Mr. Slim, named the richest man in the world by Fortune Magazine, is estimated to be worth $74 billion. His companies have come under various allegations of monopolistic practices in the past. Mr. Slim owns about 7 percent of the publicly traded shares of The New York Times Company.

Article source: http://feeds.nytimes.com/click.phdo?i=1e0711fc28adfd4a318e327c875e75fa

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