Telefonica Unit Hit With $27.5M Antitrust Fine

Law360, New York (January 6, 2010, 6:22 PM EST) -- Argentina has reportedly slapped a local unit of Spain's Telefonica with a $27.5 million fine for allegedly failing to notify authorities of investments its parent company made in Italy's Telecom Italia that could give it dominance in the South American country's telecommunications sector.

The penalty on Telefonica de Argentina, announced Tuesday by Economy Minister Amado Boudou, comes after Argentina's antitrust commission ordered Telecom Italia last year to divest its Argentine telephone holdings in order to prevent market dominance, Reuters reported.

In addition to controlling the Argentine...
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