The Associated Press: Mexico agency confirms $1B fine for Slim's company
Mexico's antitrust agency confirmed Sunday that it levied a $1 billion (12 billion peso) fine against the Mexican cellphone subsidiary of tycoon Carlos Slim and ordered it to stop unfair practices.
The Federal Competition Commission said it found that Slim's Telcel business engages in "relative monopolistic practices" by overcharging competitors to connect calls to Telcel users.
The fine against Telcel is the maximum penalty possible — 10 percent of the company's assets because it is a repeat offender, the agency said in a statement. It gave Telcel 30 days to say how it will change its practices. Telcel also has 30 days to appeal.
Slim's telecom company, America Movil, revealed the fine April 15. It said it was studying all options for appeal.
A commission official said the fine is the largest ever levied by the 18-year-old watchdog agency and was made possible by a 2006 reform that raised fines for repeat offenders.