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.