“DECREPIT” FACTORY A SYMBOL OF MEXICAN CORRUPTION

On 5th June, the Wall Street Journal reported that the purchase of an aging fertilizer plant by Petróleos Mexicanos, Mexico’s state-run, debt-laden oil giant, has emerged as the focus of a corruption scandal after Spanish police arrested Alonso Ancira, chairman of Ahmsa, the company that sold the plant, one of Mexico’s leading steel firms.  The Mexican finance ministry said it is investigating Ahmsa in relation to the purchase of the plant – in 2013 it agreed to pay $273 million for an aging fertiliser plant that hadn’t been operational for 14 years (and is still not operational).  The newspaper says that recent cases could signal a shift in Mexico’s efforts to tackle corruption. as no high-profile Mexican federal official has been arrested in recent years.

https://www.wsj.com/articles/decrepit-factory-becomes-symbol-of-mexican-corruption-battle-11559657455

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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