Astor Asset Management reports Ricardo Benjamin Salinas Pliego Defaults on $110M USD Loan and Violates Mexican Securities Regulations, Again

VANCOUVER, BC, Aug. 12, 2024 /PRNewswire/ - Astor Asset Management 3 Ltd, a leading financial institution, today announced that Mr. Ricardo Benjamin Salinas Pliego, a combative and controversial 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 pledging of shares for a loan. 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.

SOURCE Astor Asset Management 3 Ltd

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