Sheinbaum exposes Salinas Pliego fraud case in the United States
The President of Mexico, Claudia Sheinbaum, has revealed extremely relevant information about a legal situation involving the prominent businessman Ricardo Salinas Pliego. According to his statements, Salinas Pliego committed an act of fraud in the United States, an accusation that arises after the decision of the New York State Supreme Court to declare him in contempt of court. This failure originates from the commercial transaction of the telecommunications company Iusacell to the giant AT&T, an operation in which, allegedly, it was deliberately omitted to report on the significant tax obligations that were levied on the company at the time of the sale.
During her morning conference at the National Palace, the federal president explained precisely the details of the litigation. “The case is being heard in a court in New York, derived from a sale that this businessman made of a telephone company, nothing more than it turns out that he sold it with debts to the treasury at the time. So, the complaint is filed by the person who bought it from him in the United States; it is a deposit that he has to pay to avoid being arrested,” Sheinbaum explained. His words underscore the seriousness of the accusation, which centers on an alleged fraudulent omission of crucial information during a multimillion-dollar negotiation process.
The details of the litigation and the million-dollar bail
The President’s public announcement comes after it was announced that the leader of Grupo Salinas paid a bail of 25 million dollars, equivalent to approximately 500 million pesos, as a precautionary measure to avoid an immediate arrest in New York City. Judge Andrea Masley was the judicial authority who issued the order, demanding the payment of $20 million to AT&T within a peremptory period of two weeks. The warning associated with the mandate was clear and forceful: failure to comply would lead to incarceration at the notorious Rikers Island prison.
The origin of this complex transnational legal conflict dates back to 2014, when the American corporation AT&T acquired Iusacell. However, it was not until 2020 when the buyer filed a legal claim arguing that the Mexican company carried considerable tax liabilities corresponding to the period in which it was owned by the conglomerate chaired by Salinas Pliego. The North American company alleged that these tax commitments were not revealed during the due diligence process prior to the sale, which would constitute a defect in the consent and a clear action of bad commercial faith.
The judicial outcome favored AT&T, but the defendants’ failure to comply with the ruling led Judge Masley to declare both Ricardo Salinas Pliego and Francisco Borrego, general counsel of Grupo Salinas, in civil contempt. This legal figure is extremely serious, since it equates disobedience to a court order with an act against the administration of justice, with the criminal consequences that this implies. Although Grupo Salinas proceeded to pay the bail to avoid more severe coercive measures, the company has maintained its firm position of appealing the ruling against it, which prolongs the legal battle.
The fiscal context in Mexico and the pressure from creditors
This judicial setback abroad is part of a scenario of growing fiscal and financial pressure that the business group faces within Mexico. According to public information, the Tax Administration Service (SAT) claims the amount of 74 billion pesos through 32 different tax litigation. This monumental dispute with the Mexican treasury represents an existential challenge for the financial stability of the conglomerate, which must also face claims from other market actors.
On the other hand, the bondholders of TV Azteca, one of the emblematic companies of the group, have joined the list of unsatisfied creditors who have not yet received the payment corresponding to their debt. This situation has generated distrust in the financial markets and has revealed possible problems of liquidity and solvency within the organization. Faced with this multifactorial panorama, Grupo Salinas has been publicly “open to dialogue” with its creditors to attempt a restructuring of its financial commitments, although so far it has not responded to requests for specific comments on the case in New York.
President Sheinbaum’s statements, therefore, not only shed light on a particular case of alleged international fraud, but also place in the spotlight the intricate web of legal and economic challenges that surround one of the largest corporate groups in the country. This episode underscores the importance of transparency in corporate operations and the serious consequences, both legal and reputational, that can arise from critical omissions in high-level transactions.
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