Carlos Slim's America Movil escapes record Mexican fine

Carlos Slim has diverse business interests

Mexico's competition commission has revoked a $929m fine imposed on the country's main mobile phone company.

America Movil - which is owned by the world's richest man, Carlos Slim, was sanctioned last year for alleged monopolistic practices.

But the commission (Cofeco) said it had dropped the fine in return for concessions including reduced charges for connections from rival networks.

The decision ends a lengthy legal battle.

America Movil controls about 70% of Mexico's mobile phone network and 80% of its landlines.

In return for dropping the fine, Cofeco ordered the firm to cut the amount it charges rival networks to connect by around 20%.

"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," the competition regulator said in a statement.

Carlos Slim's telecommunications empire has been under considerable pressure from regulators to reduce charges to consumers and end alleged monopolistic practices.

Mr Slim, 72, last year came top of Forbes magazine's annual list of the world's richest billionaires for the third year running.

The magazine estimates that Mr Slim is worth $69bn (£44bn).

America Movil is the largest mobile phone company in Latin America and one of the biggest in the world, with hundreds of millions of customers.

Mr Slim controls more than 200 companies, ranging from telecoms to construction, banking and retail.