Mexico’s No. 2 net TV Azteca on Monday said it was in talks with the U.S. Securities and Exchange Commission after speculation that topper Ricardo Salinas Pliego had reached a deal to avert trial over fraud charges.
TV Azteca said in a statement that it remained in “good faith” talks with the SEC, but that it had “no additional information to divulge at this time.” A TV Azteca spokesman could not comment on the case.
Early last year, the SEC charged Salinas Pliego and two other execs with concealing information from stockholders on a debt deal that netted Salinas Pliego $109 million.
It was the first time that foreign executives were charged with violating tough securities regulations established by the Sarbanes-Oxely act.
However, the SEC was apparently unable to officially serve legal papers to Salinas Pliego so that the trial could move ahead.
Shares in Mexico City of the billionaire’s TV Azteca, mobile phone company Iusacell and discount retailer Elektra jumped late last week on rumors that Salinas had brokered a deal with regulators.