Mexican Senate Queries Iusacell Ownership Structure.

Internet Securities, July, 2001

MEXICO CITY, Jul 2, 2001

Mexico's opposition-controlled Congress has launched an investigation into the current ownership structure of mobile telephone carrier Iusacell (BMV:CEL, NYSE:CEL), according to a report in Mexico City daily Reforma. While mobile carriers are exempt from current restrictions on foreign direct investment in the country's telecommunications industry, controversy surrounding U.S.-based Citigroup's (NYSE:C) plans to acquire Grupo Financiero Banamex Accival's (BMV:BANACCI) 51-percent stake in long-distance carrier Avantel have stirred up broader political concerns about increasing foreign ownership in the telecom industry, Reforma business columnist Dario Celis Estrada. The Mexican Senate has requested that Iusacell provide it with details...