US Court Punishes Ricardo Salinas: Daily Fines Double, Alter Ego Motion Granted

Vancouver, British Columbia Dec 2, 2024 (Issuewire.com)  - Astor Asset Management 3 Ltd reports that the Supreme Court of New York has issued a pivotal ruling in the case involving Grupo Salinas Telecom, S.A. de C.V., Grupo Salinas Telecom II, S.A. de C.V., and their affiliates. The court imposed substantial daily fines for contempt and granted a motion holding billionaire Ricardo Salinas Pliego and Grupo Elektra (ELEKTRA: MX) personally accountable.

The ruling stems from Grupo Salinas's failure to comply with court orders to produce financial documents necessary to enforce a prior court judgment granted to AT&T against Grupo Salinas Telecom, S.A. de C.V., Grupo Salinas Telecom II, S.A. de C.V. in the amount of USD $20 million. In a show of contempt and defiance, just 3 days after the judgment, Ricardo Salinas moved assets out of the United States so as to avoid paying on the judgment.

The Supreme Court of New York noted that Ricardo Salinas has a history of defying judgments and not paying creditors and that the court will not tolerate his gamesmanship.

As a consequence, the court imposed fines of $15,000 per business day, retroactive to July 12, 2024. Starting November 8, 2024, these fines double daily until the defendants meet their compliance obligations.

Significantly, the court granted an alter ego-motion, recognizing Grupo Elektra S.A.B de C.V., Banco Azteca, and Mr. Ricardo Salinas as alter egos of Grupo Salinas Telecom S.A de C.V. This decision enables creditors to pursue Mr. Ricardo Salinas and Grupo Elektra personally to satisfy the judgment.

Additionally, the court awarded AT&T Mobility Holdings B.V. US $296,801.95 in attorneys’ fees incurred during enforcement proceedings.

The court’s decision underscores a strong commitment to ensuring compliance and accountability, particularly by extending liability to Grupo Elektra S.A.B de C.V. and Ricardo Salinas Pliego personally.

You can view the complete text of the court order via the following link: https://law.justia.com/cases/new-york/other-courts/2024/2024-ny-slip-op-33991-u.html

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