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Latino Daily News

Monday April 18, 2011

Mexican Billionaire Carlos Slim Fined $1 Billion for Monopolistic Practices

Mexican Billionaire Carlos Slim Fined $1 Billion for Monopolistic Practices

Photo: World's Richest Man Fined $1BN for Monopolistic Practices

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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.