An Ecuador court on Tuesday suspended a $138.5 million fine levied against the Claro telecom firm owned by Mexican tycoon Carlos Slim, one of the world's richest men.
The fine had been issued by a regulatory authority in February which accused Claro, which operates under the name Conecel in Ecuador, of obstructing competition.
However the fine was suspended by a court in the southwestern city of Guayaquil after an appeal lodged by the firm, the company said in a statement.
Claro, owned by Slim's America Movil group, had been sanctioned for allegedly seeking to block the construction of antennas by Ecuador's public telecom company CNT. Claro had strongly denied the allegation.
Claro, which controls 67 percent of the cell market in Ecuador, is followed by Spanish company Telefonica with 30 percent and CNT with around 2.5 percent.
The fine against Claro equates to around 10 percent of the company's 2012 sales.
The company has been in Ecuador since 1993. In 2012, it was ordered to pay a fine of $193 million for overdue taxes.
An Ecuador court on Tuesday suspended a $138.5 million fine levied against the Claro telecom firm owned by Mexican tycoon Carlos Slim, one of the world’s richest men.
The fine had been issued by a regulatory authority in February which accused Claro, which operates under the name Conecel in Ecuador, of obstructing competition.
However the fine was suspended by a court in the southwestern city of Guayaquil after an appeal lodged by the firm, the company said in a statement.
Claro, owned by Slim’s America Movil group, had been sanctioned for allegedly seeking to block the construction of antennas by Ecuador’s public telecom company CNT. Claro had strongly denied the allegation.
Claro, which controls 67 percent of the cell market in Ecuador, is followed by Spanish company Telefonica with 30 percent and CNT with around 2.5 percent.
The fine against Claro equates to around 10 percent of the company’s 2012 sales.
The company has been in Ecuador since 1993. In 2012, it was ordered to pay a fine of $193 million for overdue taxes.
