AMID ALLEGED FRAUD, GRUPO SALINAS SUES ASTOR ASSET MANAGEMENT 3 LTD

News provided by

Grupo Salinas

Aug 13, 2024, 23:28 ET

–The lawsuit was filed in a court in the United Kingdom; while the litigation is ongoing, the judge has ordered the freezing of all Astor's assets and its principals–

–An investigation has revealed that one of Astor Asset Management 3 Ltd principals has engaged in similar fraudulent practices in the past–

MEXICO CITY, Aug. 13, 2024 /PRNewswire/ -- Regarding the statement released yesterday by Astor Asset Management 3 Ltd (Astor), and to present the truth, it is necessary to make the following clarifications to the public and media:

  • On several occasions, Mr. Salinas Pliego has offered and continues to offer to pay the loan with Astor in advance and in full under the alleged contract, provided that all the pledged shares of Grupo Elektra, S.A.B. de C.V. are returned to him. Astor has repeatedly rejected this proposal.
  • Amid potential fraud by Astor involving the unlawful use of pledged shares as collateral, Mr. Salinas Pliego initiated legal action against it in a UK court.
  • As a result, while the litigation is ongoing, the judge ordered the freezing of all Astor's assets and its principals.
  • It should be noted that, in the past, one of Astor's principals has been sued by other parties for selling collateral for loans without authorization, and for other fraudulent acts, such as creating fake financial services websites on behalf of banking institutions.
  • As of today, the Astor credit is the only loan of Mr. Salinas Pliego that remains pending due to the previously described conditions. All other loans secured by Grupo Elektra shares have been settled and/or agreements has been reached for their settlement, with the respective return of shares.

Convinced that we are on solid ethical and legal ground, we will continue our legal defense before the relevant authorities until those responsible for this potential fraud are held accountable and the damages are remedied.

SOURCE Grupo Salinas

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