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

By  |  July 4, 2013

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.

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