Carlos Slim's firm penalized for illicit monopolistic behaviors
In a significant development, Mexico's Federal Telecommunications Institute (IFT) has imposed a fine of 1.783 billion pesos on Carlos Slim's telephone company. The investigation, which was initiated in 2021, was related to alleged practices concerning the distribution and sale of SIM cards in various convenience stores.
The institute's resolution states that incentives and benefits were given to Oxxo and IMMEX, two companies involved in the alleged practices. Furthermore, the resolution mentions an indirect distribution channel, conditional on not selling SIM cards that could affect Telcel nationwide.
The investigation and subsequent fine involve Carlos Slim's telephone company, primarily Telmex, which has faced scrutiny due to its dominant market position in Mexico's telecommunications sector. Telmex controls approximately 90% of the Mexican landline telephone market, leading to accusations of monopolistic practices because it charges among the highest usage fees globally according to the OECD.
This dominance has limited competition, hindered the growth of smaller companies, and contributed to socioeconomic issues in Mexico. The fine is believed to be the result of the investigation, but further details about the specific practices under scrutiny are not yet available.
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This is not the first time that Slim's telecom companies have been criticized for their monopolistic status. Regulatory bodies in Mexico have historically kept such practices under review due to the market dominance of these companies. For the latest specifics on the investigation or the fine, additional up-to-date sources from Mexican regulatory disclosures or news reports might be needed.
- The financial implications of the fine on Carlos Slim's telephone company, Telmex, could significantly impact the telecommunications industry in Mexico, as the company controls a dominant market share.
- The alleged practices concerning SIM card distribution and sale have not only drawn attention from the Federal Telecommunications Institute (IFT) but also from the general-news sector, raising questions about the business ethics within the industry.
- The ongoing scrutiny of Slim's telecom companies by regulatory bodies in Mexico, such as the IFT, indicates that politics and policy-making are closely intertwined with the finance and business sectors, particularly in the telecommunications industry.
