A PYMNTS Company

Mexico: No mercy for Carlos Slim – Regulator fines billionaire despite appeals

By  |  July 4, 2013
Mexico: No mercy for Carlos Slim – Regulator fines billionaire despite appeals

The world’s richest man, Carlos Slims, received unwelcome news on Thursday: despite appeals from his telco company Telmex, Mexico’s competition regulator will be fining the billionaire for anticompetitive business practices. According to reports, the Federal Competition Commission overruled Telmex’s appeal of the fine of about $50 million, first instated after the watchdog found Telmex had conspired to shut a competitor out of the market. Telmex dominates Mexico’s fixed-line market with control of about 80 percent. The company is a subsidiary of the largest telco company in Latin America, America Movil.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.