Recent weeks have seen the unravelling of a lengthy legal dispute between Mexican antitrust regulator Cofeco and Mexican network provider America Movil.
Last year, the commission sanctioned the owner of America Movil (and richest man in the world) Carlos Slim for imposing a heavy interconnection charge that the phone giant imposed on other operators to use its networks.
As part of the agreement which has seen Cofeco withdraw its $950m fine, America Movil have reduced the charge from 90 cents to around half that amount. It is expected that Movil’s revenues will drop by 22.4% in the wake of these measures.
In a statement on the outcome of the case, Cofeco said:
‘For Cofeco it is clearly preferable to secure direct and immediate benefits for consumers worth up to $6bn a year than to pursue a legal case for years to eventually impose a fine worth a fraction of that amount.’
America Movil owns about 70% of Mexico’s mobile phone networks and 80% of its landlines. Carlos Slim, meanwhile, is reportedly worth £44bn. What difference have a lowly $1bn made to his fortune?