GERMAN LARREA MOTA Velasco he was born on October 26, 1953. Eighteen days later, Andrés Manuel López Obrador was born. Both will be 70 years old. They are both powerful. Nobody can say no to them.
Both are Scorpios, similar, and their “bad aspects” of personality, such as arrogance, egocentrism and narcissism, drag them to that famous maxim that says that “what shocks you, checks you.”
Since last year, the President sent the businessman the message that he wanted the Medias Aguas-Coatzacoalcos route to accelerate the development of the Interoceanic Canal of the Isthmus of Tehuántepec (CIIT).
Last month we published here that since October 21 the Secretary of the Navy had sent a letter to the Communications Secretariat requesting the termination of the Ferrosur concession.
But Larrea was never willing to release that line, which is part of the Ferrosur concession, the line that he sold to him in 1996. Carlos Slimanother victim, without something in return that would really compensate him.
On Thursday, when he went to the National Palace to see López Obrador, he left him and his secretaries Rogelio Ramírez de la O and Adán Augusto Lópezpresent, which perhaps motivated the quasi expropriation of Friday.
The valuation: 10 billion pesos, around 500 million dollars, is what the boss of Grupo México quoted the asset that today is “temporarily” taken over by the Secretary of the Navy.
The one on Thursday was a meeting that arrived late and that neither the Secretary of the Interior nor the Secretary of the Treasury were able to manage much earlier to avoid the clash. The Tabasco was kicking requests from that one.
Nor do you believe that the King of Copper wanted to run to pay homage; Ramírez de la O, his main ally and his promoter in the purchase of Banamexasked him two weeks before to look for the President.
By then, a week later, AMLO had issued the instruction to his main collaborators: “Find Larrea as much as you can.” There was no reverse. The President went with everything.
Almost at the same time Larrea reached the agreement with Citi, which is chaired by Jane Fraser. The essential terms were already agreed. The second richest man in the country felt very confident and empowered.
On Tuesday Larrea appeared at the National Palace. He attended the Business Advisory Council luncheon, of which he is a member just this year. One fact: he had originally apologized. He wanted to see only the President.
They tell us that López Obrador treated Larrea cordially at the Business Advisory Council lunch. No one saw appearances, any detail, posture, let alone said, that made one think what would come next.
The reconsideration and assistance of the owner of ferrosur The food helped López Obrador to receive him the next day, not to talk about Banamex as many believed, but to address the railway.
Larrea once again offered to pass through its tracks charging a fee, but the President did not accept it because he wants the Aguas Blancas-Coatzacoalcos route so that the Transisthmic Train has a free track.
There was no agreement, but there was a figure that Larrea left on the table: 10 billion pesos. It is the loss that he would have by renouncing the section that was taken from him and that is essential for the rail-ship operation.
And it is that Ferromex and Ferrosur dispatch vans from the port of Coatzacoalcos to the port of Alabama, in the United States, in alliance with the CG Railway, a very lucrative business for Larrea.
THE TAKING OF The nearly 100 kilometers of railway concessioned to Ferrosur not only affect Larrea and Grupo México. Also indirectly to Carlos Slim Helú and to the US Union Pacific railways and the Texas Pacific and Florida East Cost lines. The controller of Ferromex and Ferrosur is Grupo México Transportes, a company led by his nephew, Fernando López Guerra Larrea. 70.27% of its shares belong to Grupo México, 17.12% to Inbursa and 12.61% to the investing public of the Mexican Stock Exchange. Ferromex is 74% owned by Grupo México and 26% owned by the second largest railroad in the United States, the Union Pacific, which is chaired by Lance M. Fritz. Ferromex is also the controller of two other US railways, the Florida East Cost, chaired by Vincent Signorello, and the Texas Pacifico, managed by Luis Olivera. Due to the fact that Grupo México Transportes has foreign partners, they can sue the government of the 4T before international instances. To this add that Larrea is one step away from finalizing the purchase of Banamex keeping Citi as a partner: Larrea is already a T-MEC citizen.
INCREDIBLE THAT ACTINVER has published another relevant event in which he argues that the sentence for more than one billion pesos imposed against him, as we have been reporting in previous days regarding the controversy with Rafael Zaga, was not directed at the bank itself, but towards “the trust division”. Actinver tried to escape the sentence by presenting an amparo in which it called itself a third party, alleging that in reality the aforementioned “trust division” was the party involved, and that the bank had no knowledge of said trial, so it could not be convicted of it. The reality is that, regardless of the fact that the sentence is still pending final resolution in the federal courts, we have found in public files the judgment issued by the Tenth Collegiate Court in Civil Matters of the First Circuit, under file number QC 46/2023, where it was clearly resolved that “the aforementioned bank, although it appears as a different legal person, is the same legal person sued in the original trial from which the act claimed derives, for which it was sentenced to pay compensation of more than one billion pesos”.
FOLLOW THE LAWSUIT of Kimberly Clark de México (KCM) against the brothers Jorge and Juan Carlos González Olvera, founders and shareholders of 4e Global. He had anticipated that the multinational company owned by Claudio X. González Laporte and led by his son, Pablo González Guajardo, had filed a complaint against these brothers before the CdMx Attorney General’s Office, led by Ernestina Godoy, whose file number is : CI-FIMH/UAT-MH-4/UI-1 S/D/02616/11-2022. Well, it turns out that the public ministry has already decreed the “non-exercise of criminal action”, which has already been approved by the corresponding Prosecutor, so KCM receives the second blow in its legal strategy of staying with the company 4e Global.
THE COUNCIL OF Pemex Administration has not approved any payment of 10.7 million dollars as reparation for the damage in the Odebrecht and Agronitrogenados cases, as the lawyers of Emilio Lozoya Austin, Miguel Ontiveros and Alejandro Rojas say. What the directors of the oil company headed by Octavio Romero did vote in favor of is the mechanism to compensate for this loss. But the amount offered is still very low.
THE NATIONAL UNION de Padres de Familia provisionally stopped the printing and distribution of free textbooks for the 2023-2024 school year. The Third District Judge in Administrative Matters of the CdMx granted the suspension in response to the amparo filed by that union. According to the amparo, the primary book curriculum did not comply with legal provisions due to the lack of study plans and programs, and the lack of consultation with tutors and teachers.
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