VANCOUVER, BC, Aug. 12,
2024 /PRNewswire/ - Astor Asset Management 3
Ltd, a leading financial institution, today announced that Mr.
Ricardo Benjamin Salinas Pliego, a
prominent figure in the Mexican business community and owner of
Grupo Elektra, S.A.B. de C.V., has defaulted on a US$110 million loan executed in July of 2021, in
a significant breach of both a Securities Lending Agreement (SLA)
and Mexican securities regulations.
Mr. Ricardo Benjamin Salinas
Pliego breached over 15 provisions of the SLA, including
failing to make interest payments.
Mr. Ricardo Benjamin Salinas
Pliego's company, Corporacion RBS SA de CV, acted as the
borrower under the terms of the loan, while Mr. Salinas Pliego
himself served as guarantor by pledging 7,204,296 shares of
ELEKTRA. Despite the clear obligations under the SLA and Mexican
securities regulations, specifically Article 50, Mr. Salinas Pliego
failed to fulfill his duty to make the necessary public
announcement regarding the pledged shares. This failure represents
a serious violation of the transparency and compliance standards
required by Mexican law.
"A total of US$110 million was
funded to an entity controlled by Mr. Salinas Pliego's company,
Corporacion RBS SA de CV," said Astor Asset Management 3 Ltd. "It
is deeply troubling that such a high-profile businessman would not
only default on the loan but also fail to meet the regulatory
requirements designed to protect market integrity and the general
public. We believe it is essential for the Comisión Nacional
Bancaria y de Valores (CNBV), as well as the media, the press, and
the public, to be fully aware of this breach. Transparency and
accountability are paramount in ensuring the integrity of the
financial markets."
Astor Asset Management 3 Ltd has made the CNBV, media outlets,
and the public fully aware of this breach. The company has
submitted all relevant documentation, including the SLA and five
Closing Statements executed by Mr. Salinas Pliego, to the CNBV and
relevant authorities. The company urges the authorities to
thoroughly investigate the breach and enforce the necessary
regulatory measures to uphold transparency, integrity, and
accountability in the financial markets.
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SOURCE Astor Asset Management 3 Ltd