Business Services Industry
Colombia regulator fines mobile-phone companies on price agreement.(COLOMBIA)(Telefonica)(Brief article)
Latin America Telecom, August, 2007
The Colombia antitrust agency fined the local units of Mexico-based America Movil and Spain's Telefonica after establishing the two companies agreed on the fees they charge to other telephone companies for using their networks.
The regulator imposed a fine of 1.72 billion Colombian pesos ($800,000) on Comcel SA, America Movil's Colombian unit, and another of COP572 million on Telefonica.
Comcel said in a filing to the securities regulator that it will appeal the decision. The company said it never participated in anticompetition practices.
The company said the decision of the antitrust regulator won't have any negative effect on its financial situation.
Alfonso Gomez, chief executive of Telefonica's Colombian unit, didn't return...
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