You may not be aware that Safelink Wireless/Tracfone are subsidiaries of a Mexican cell phone company named America Movil. It’s the world’s fourth largest cell phone company and the largest provider of wireless service in Latin America. It’s owned by the richest man in the world, Carlos Slim, worth about $74 billion. America Movil racked up $30 billion a year for him.
Slim may lose a billion dollars if the charges filed against him stick. AP reports:
Mexico’s anti-trust commission has hit billionaire Carlos Slim’s cellphone subsidiary with a 12 billion peso ($1 billion) fine, parent company America Movil announced.
The Federal Competition Commission said the cellphone subsidiary, Telcel, engaged in monopolistic practices associated with call terminations, America Movil said in a filing with the Mexican stock exchange late Friday.
The company said it is studying the fine and all options for appeal.
His businesses have been charged with monopolistic practices in the past.
Source: EarthLink – Business News.