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Equity Market News 06th February 2012

Equity Org Headlines:

Essar Energy adds 3 percent in mostly lower London energy sector

Antofagasta leads miners higher in London

Hunting plc leads energy sector lower

Sports Direct International leads London retailers higher

Pace plc drops 40 percent on profits warning

Royal Bank of Scotland leads London banks lower

Royal Bank of Scotland leads banks, FTSE 100 higher in London

Lloyds Banking Group drops 8 percent on first-quarter loss

Lloyds shares down on PPI claims

Aquarius Platinum adds 7 percent amid mostly lower mining sector

29/04/05

Permalink 05:00:13 am, Categories: Americas, 211 words  

Banamex/CitiGroup allegations aired in Mexico

A libel writ was filed Thursday against TV Azteca’s chairman, Ricardo Salinas Pliego, over allegations made in a documentary aired by the Mexican network Tuesday night.

In addition, it was also announced that TV Azteca and its directors will be fined 27 million pesos ($2.4 million) for eight violations of Mexican securities laws.

The Treasury was also expected to ask the attorney general’s office to charge Salinas Pliego with fraud over charges that the TV Azteca chairman had used a Delaware company he controlled to purchase Azteca’s debt at a huge discount, which was then repurchased at face value for a personal profit to Salinas Pliego of around $109 million.

TV Azteca already has had a fraud suit filed against it by the U.S. Securities and Exchange Commission in that transaction.

Mexico’s finance minister had threatened the sanctions against Salinas Pliego and TV Azteca, according to the network, if it broadcast the documentary, which charged governmental and financial improprieties when Citigroup bought Banamex, Mexico’s largest bank, in 2001.

The finance minister, who had ties to Banamex before he became treasury minister in, denies that he tried to stop the broadcast.

TV Azteca says that he threatened to charge the network with securities laws violations if it showed the documentary.

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