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Wednesday, April 20, 2011

MEXICO - Carlos Slim's Cell Firm Fined $1 Billion


Carlos Slim's Cell Firm in Mexico Fined $1 Billion
by Baja Daily News (BDN) on 04/17/11
MEXICO CITY - Mexico's antitrust commission has fined a subsidiary of America Movil 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, America Movil said in a filing with the Mexican stock exchange late Friday.

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

America Movil 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.