[easybourse] Telefonica del Peru said it will respect the 3.95 million soles ($1.39 million) fine placed by Peru's telecommunications regulatory agency, Osiptel.
Osiptel said that the fine was due to anticompetitive behavior by Telefonica del Peru, which is owned by Spain's Telefonica SA (TEF). A court had found that Telefonica del Peru had infringed on the rights of AT&T Peru, now owned by Telmex del Peru, which is owned by Mexico's Telmex.
"Telefonica respects institutional authority and as such will act in accordance with that," the company said in a statement late Monday.
Osiptel had said Monday that this was the largest fine it has placed in its history.
Telefonica said the charges were placed for events that took place in 2001, which it called a time of "regulatory uncertainty" in the telecommunications industry. It added that it considers the fine to be "unfair."
Telefonica Del Peru Says It Will Respect Regulator Fine