Vancouver, British Columbia Sep 20, 2024 (Issuewire.com) - Astor Asset Management 3 Ltd reports that Ricardo Benjamín Salinas Pliego, Chairman of Grupo Elektra, S.A.B. de C.V., faces new allegations of moving assets out of the United States to avoid paying a US$20 million judgment following a breach of contract dispute with AT&T. The judgment was issued on November 29, 2023, by a U.S. court against Grupo Salinas Telecom, S.A. DE C.V. and Grupo Salinas Telecom II, S.A. DE C.V., companies affiliated with Mr. Salinas Pliego.

Court documents reveal that Grupo Salinas Telecom rapidly transferred assets out of the U.S. only 3 days post judgement, including US$10.25 million worth of Grupo Elektra shares from a U.S. brokerage to Banco Azteca in Mexico. Additionally, US$5.65 million was sent to a Canadian entity, Security International Investments, Inc., allegedly linked to Mr. Salinas Pliego. Further transfers and liquidations, totaling over US$10 million, have also been documented by the court.

For "strategic reasons," Mr. Salinas Pliego chose not to retain legal counsel in the case, a decision interpreted as an attempt to avoid paying the court judgment. This move, combined with his companies historical claims of being too financially strained or too poor to pay creditors, continues to raise concerns about transparency and corporate governance at Grupo Elektra.

Mr. Salinas Pliego has a long history of financial misconduct, allegations of securities fraud, including prior disputes over unpaid taxes and debts to creditors. His recent actions, including the rapid movement of assets outside the U.S. jurisdiction, are drawing increased scrutiny from financial regulators and creditors.

Astor Asset Management 3 Ltd is embroiled in litigation with Mr Salinas in United Kingdom over his default on a US$110 million loan.

As markets demand greater transparency and accountability, the handling of these legal and financial matters will be closely observed by investors and regulators alike.