Ecuador Fines America Movil

Ecuador’s telecoms superintendent Suptel has ordered the local unit of LatAm mobile giant America Movil to pay $27m it says the Mexico-based firm overcharged clients in 1999-2000. Suptel gave the firm 72 hours to pay. America Movil’s subsidiary Consorcio Ecuatoriano de Telecomunicaciones (Conecel) has provided mobile services in Ecuador since 1993. The license expires in August 2008 but Conecel expects to renew for an additional 15-year term. AMX L shares closed up 0.26% at MXP31.36 in heavy trade Wednesday which saw the IPC index retrace 0.56%.