Mexico.- Citibanamex announced that it will proceed to appeal the precautionary measures imposed by the Judiciary that prevent him from continuing with the process of selling his retail business in Mexico until the money claimed by Oceanography for damages against it is settled.
The foregoing by emphasizing that “there are no legitimate legal bases” to stop the sale of its retail portfolio in the Mexican Republic, a process that it announced last week and whose objective is to focus on the wholesale business.
Last Thursday, January 20, the Seventy-first Civil Judge in Mexico City issued precautionary measures against Citibanamex for the Oceanography case, among which is the one that “refrains from selling or transferring shares, assets and other tangible and intangible assets, until the main trial is resolved in a final sentence”.
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Given this, on Friday the subsidiary bank of Citi Group made it clear that the legal measures issued by the jurist not yet effectivewhile asserting that they lack legal bases.
“We consider that there are no legitimate legal grounds for the judge to have issued this precautionary measure, which is not yet effective, particularly given the unfounded allegations contained in the lawsuit. We plan to appeal the injunction and currently do not expect this matter to have any impact on the timeline for the sale of our consumer business in Mexico,” he explained.
In this sense, the financial group announced that they contemplate appealing the measures imposed by the Mexican Judicial Power, although it specified that they do not anticipate that these will affect the agenda set for the sale of the business of consumption in Mexican territory.
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It was in 2014 when Citigroup disclosed that Citibanamex had allegedly been defrauded by the Oceanography shipping company for an amount that amounted to $500 million, for which he filed a legal claim against the company. However, after almost 7 years of litigation, the bank has not been able to prove that said fraud existed, so now the oil services corporation is legally claiming compensation for damages.
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