Ricardo Salinas Pliego, who heads a business empire with assets in banking, broadcasting and retail, is linked to Europe-based entities that held large shares of Grupo Fertinal, according to people familiar with the matter and internal corporate documents reviewed by The Wall Street Journal.
In March, President Andrés Manuel López Obrador announced a federal investigation into the deal after Pemex filed a fraud complaint with prosecutors accusing the institutions that financed the purchase-including Banco Azteca, of which Mr. Salinas Pliego owns a majority share-of knowingly inflating Fertinal's value.
Mr. Salinas Pliego not only benefited from the Fertinal deal on the debt side, but may have also profited on the equity side, given the connections shown by the documents reviewed by the Journal.
Another holding company with ties to Mr. Salinas Pliego, Belgium-domiciled Base Rock BVBA, owned another 4.5% of Fertinal's shares.
Luciano Pascoe, a spokesman for Grupo Salinas, described Fertinal as a success story and said Mr. Salinas Pliego's conglomerate had "No participation" in the company beyond Banco Azteca's loans.
At a press conference in late July, Mr. López Obrador defended Mr. Salinas Pliego after Mexican newsmagazine Proceso published a story about ties between the billionaire and Fertinal.
In late 2015, just before Pemex announced it would buy Fertinal, NPK Holding transferred power of attorney over its affairs from a Swedish representative to two Mexican lawyers, one of whom had previously represented a wireless-communications company owned by Mr. Salinas Pliego.
https://www.wsj.com/articles/documents-tie-mexican-mogul-to-company-at-center-of-fraud-probe-11567589400?mod=hp_lead_pos3
In March, President Andrés Manuel López Obrador announced a federal investigation into the deal after Pemex filed a fraud complaint with prosecutors accusing the institutions that financed the purchase-including Banco Azteca, of which Mr. Salinas Pliego owns a majority share-of knowingly inflating Fertinal's value.
Mr. Salinas Pliego not only benefited from the Fertinal deal on the debt side, but may have also profited on the equity side, given the connections shown by the documents reviewed by the Journal.
Another holding company with ties to Mr. Salinas Pliego, Belgium-domiciled Base Rock BVBA, owned another 4.5% of Fertinal's shares.
Luciano Pascoe, a spokesman for Grupo Salinas, described Fertinal as a success story and said Mr. Salinas Pliego's conglomerate had "No participation" in the company beyond Banco Azteca's loans.
At a press conference in late July, Mr. López Obrador defended Mr. Salinas Pliego after Mexican newsmagazine Proceso published a story about ties between the billionaire and Fertinal.
In late 2015, just before Pemex announced it would buy Fertinal, NPK Holding transferred power of attorney over its affairs from a Swedish representative to two Mexican lawyers, one of whom had previously represented a wireless-communications company owned by Mr. Salinas Pliego.
https://www.wsj.com/articles/documents-tie-mexican-mogul-to-company-at-center-of-fraud-probe-11567589400?mod=hp_lead_pos3
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