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Mexico president wants harsher fines on monopolies

Mexico president wants harsher fines on monopolies

Mexico's president is proposing harsher fines and possible jail time for those running companies as monopolies. President Felipe Calderon says the aim is to promote competition and investment.
He proposes fines of up to 10 percent of revenues and possible jail time for conspiring on prices, and would oblige companies to provide information when under investigation. Mexican law currently sets fines at a maximum of 82 million pesos ($6.7 million) and providing information is voluntary.
Mexico's competition watchdog has already investigated Telmex, billionaire Carlos Slim's telephone company, cement maker Cemex and beverage maker Femsa.
Calderon plans to send Monday's proposal to Congress later this week.


Updated : 2021-03-05 00:50 GMT+08:00