Monday, April 1, 2013

How did the Richest Man in the world make his money ?

Mexican consumer protection agency files suit against Telmex -

MEXICO CITY (Reuters) - The Mexican government's consumer protection agency said on Sunday it had opened a class action lawsuit against Carlos Slim's fixed line phone company Telmex for making illegal charges.

Rafael Ochoa, a legal expert at the federal prosecutor's office for the consumer (Profeco), said Telmex had made unwarranted charges for a privacy service and that Profeco had filed the suit with a federal civil court in Mexico City.
Profeco took the step after noticing that Telmex was charging users some 10.40 pesos ($0.84) a month for a data protection service that was a constitutional right, said Ochoa.

Slim, the world's richest man, controls roughly 80 percent of Mexico's fixed line phone market and 70 percent of the country's mobile business through his giant phone company America Movil , of which Telmex is a part.

In February, Mexico's competition watchdog Cofeco said it would fine Telmex $52 million for monopolistic practices.

Slim's companies have successfully fought off a number of lawsuits in the past, but the billionaire is facing tougher regulation from President Enrique Pena Nieto's government.

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