June 28, 2016 / 6:02 PM / 2 years ago

America Movil to pay $1.1 mln to settle FCC probe

WASHINGTON June 28 (Reuters) - Puerto Rico Telephone Company and its parent company, America Movil of Mexico, will pay $1.1 million to resolve a U.S. investigation over foreign ownership levels, the Federal Communications Commission said on Tuesday.

The FCC said stock purchases of América Móvil by its billionaire owner Carlos Slim Helú and his family repeatedly exceeded the foreign ownership levels approved by the FCC. The companies have agreed to adopt compliance plans to prevent future stock purchases by the Slim family that would exceed foreign ownership limits without first receiving FCC approval. (Reporting by David Shepardson, editing by G Crosse)

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