UPDATE: Colombian Regulator Fines Telefonica's Unit COP923 Million
Friday May 23rd, 2008 / 22h57
(Adds comments from Telefonica.) BOGOTA -(Dow Jones)- The Colombian utilities regulator fined the Colombian unit of Spain's telecommunications giant Telefonica SA (TEF) 923 million Colombian pesos ($519,000) for violating rules of customer protection. In a statement, the regulator said Colombia Telecom, the fixed-line unit of Telefonica, refused to receive complaints from customers, put obstacles in place for customers who wanted to cancel phone lines, abused from its dominant position, didn't open enough offices to deal with complaints and changed contracts without telling customers. Telefonica's Colombian press office said in an e-mail the company will appeal the fine. In April 2006, Telefonica won an auction to buy 50% plus one share of Colombia's state-owned telecommunication firm Colombia Telecomunicaciones SA, with a bid of about $370 million. Telefonica also owns the country's second-largest mobile telephone company. -By Inti Landauro, Dow Jones Newswires; 57-1-600 19 80; colombia@dowjones.com
