May 1, 2012 / 1:32 AM / 6 years ago

Mexico regulators rule on $1 billion fine against Slim's Telcel

MEXICO CITY (Reuters) - Mexico’s competition watchdog said it had reached a decision on whether to uphold a fine of almost $1 billion against Telcel, the mobile phone company owned by billionaire Carlos Slim, and would reveal details of the ruling in coming days.

The logos of America Movil and its commercial brand Telcel are seen on the wall of the reception area in the company's new corporate offices in Mexico City February 8, 2011. REUTERS/Henry Romero

The federal competition commission known as Cofeco slapped Telcel, the cash cow of Slim’s telecoms giant America Movil (AMXL.MX) (AMX.N), with the record sanction in April last year after concluding that the company charged excessive prices to rivals to connect to its network.

Cofeco was tasked to decide whether to ratify, drop or modify the fine against the brand Telcel, which dominates about 70 percent of Mexico’s mobile market. The sanction against Telcel has been bogged down in legal appeals and disputes.

Telcel challenged the fine and even managed to block Cofeco’s President Eduardo Perez Motta from taking part in Monday’s vote, after arguing he had made biased comments to the media.

Cofeco said it was notifying the affected parties of its decision. A spokesman for America Movil said the company had not yet been informed of Cofeco’s decision and could not comment.

Reporting by Mexico City Newsroom; Editing by Ryan Woo

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below