Latin America Business News
Mexican Billionaire Carlos Slim Fined $1 Billion for Monopolistic Practices
Photo: World's Richest Man Fined $1 bil for Monopolistic Practices
Mexican billionaire and the world’s richest man, Carlos Slim, is confirming that the telephone operator controlled by him has been fined $1 billion for ‘monopolistic practices’.
America Movil has been fined 12billion pesos by Mexico’s Federal Competition Commission (CFC) after a four-year investigation into its operations and pricing methods. It is the largest fine ever given by the commission.
The mobile division of America Movil controls 70% of the mobile phone market in Mexico.
Slim and his company have 30 business days to appeal the fine, which the company has issued a public statement that it plans to do so.
The ‘monopolistic practices’ accusations are nothing new to Slim or America Movil – it is something his competitors and other regulatory agencies have accused him of for years.