3 May 2012 Last updated at 14:17 ET

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.

For many, the fact Carlos Slim has overturned the decision is further evidence of his power in Mexico and the toothlessness of the country's regulators.

During the legal battle, Mr Slim's company had successfully lobbied to remove the president of the anti-trust commission following public comments he made about the case.

Mexicans are long used to what are considered high prices for mobile phone use.

Earlier this year, an OECD report found that the country's mobile providers had overcharged customers by as much as $14bn, something Mr Slim denies.

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.

BBC News - Carlos Slim's America Movil escapes record Mexican fine