Mexico’s Salinas Accused of Defaulting on $110 Million Loan
- Asset manager says loan default gives it claim to shares
- Grupo Salinas says it filed legal actions in UK over dispute
Photographer: Susana Gonzalez/Bloomberg
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Mexican billionaire Ricardo Salinas Pliego has been accused of defaulting on a $110 million loan by a creditor that says it has a claim to a chunk of shares in his appliance dealer and bank Grupo Elektra.
Astor Asset Management 3 Ltd said in a statement that Salinas had allegedly failed to make interest payments on the 2021 loan as well as breached other provisions of the agreement, which was guaranteed by 7.2 million shares of Grupo Elektra, the billionaire’s flagship company. That represents about 3% of Elektra shares in circulation, according to the company’s latest quarterly filing.