Monterrey, Mexico.– Astor Asset Management 3 Ltd, a US investment fund, said yesterday that Ricardo Benjamín Salinas Pliego, owner of Grupo Elektra, defaulted on a $110 million loan executed in July 2021.
In a statement, the institution indicated that Salinas Pliego breached more than 15 provisions of the Securities Lending Agreement (SLA), including the payment of interest.
He pointed out that Salinas Pliego’s company, Corporación RBS, acted as borrower according to the terms of the loan, while the businessman himself acted as guarantor by pledging 7 million 204 thousand 296 Elektra shares.
Despite his obligations under the SLA and Mexican securities laws, under Article 50, Salinas Pliego failed to fulfill his duty to make the required public announcement regarding the pledging of shares for a loan.
“This breach represents a serious violation of the transparency and compliance standards required by Mexican law,” Astor Asset Management 3 Ltd. said.
“It is deeply concerning that such a high-profile businessman would not only default on the loan, but also fail to comply with regulatory requirements designed to protect the integrity of the market and the general public,” he said.
The company has submitted all relevant documentation, including the service level agreement and five closing statements signed by Salinas Pliego, to the CNBV and the relevant authorities.
The company urges the authorities to investigate the violation and apply the necessary regulatory measures to maintain transparency and accountability in the financial markets.
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