Pursuits
Billionaire Slim Agrees to Tighter U.S. Scrutiny of Movil Stakes
- America Movil fined for violating FCC foreign-ownership rules
- Telecom company to develop new compliance, reporting measures
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Billionaire Carlos Slim agreed to tighter U.S. scrutiny of his family’s stake in America Movil SAB, Latin America’s largest telecommunications operator, after violating Federal Communications Commission rules on foreign ownership of phone companies.
America Movil and its Puerto Rico unit exceeded their FCC-approved ownership limits three times in five years, according to a filing by the agency Tuesday. To settle the violations, the company must pay a $1.1 million fine and develop new compliance measures, which will include seeking FCC approval for further stock purchases and filing monthly reports to the FCC on Slim family ownership and control interests.