Mexico list to take stock of violators

Azteca will likely top grouping

MEXICO CITY– In a move to deflect criticism of its handling of the TV Azteca scandal, Mexico’s stock market regulator will publish a list of security violators.

Azteca, which has been mired in allegations of fraud since December 2003, will likely top the list, the first from the National Banking and Securities Commission (CNBV).

A probe by the U.S. Securities and Exchange Commission led to formal charges against the net in January; Mexico has yet to make any announcement related to its investigations, opening the CNBV to fierce criticism from Wall Street, which has been waiting for the other proverbial shoe to drop for months. Traders have suggested that the regulator’s silence indicates an overly permissive attitude toward violators.

The SEC charged Azteca with fraud in the handling of a huge debt deal that led to a $109 million profit pocketed by net chairman Ricardo Salinas. The CNBV has said that it is investigating along similar lines.

A CNBV spokesman said Monday that the agency would publish the list no later than early May.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety