VANCOUVER, 9-Jan-2025 — /EuropaWire/ — Astor Asset Management 3 Ltd has reported a significant ruling by the Supreme Court of New York against Ricardo Salinas Pliego and his company, Grupo Elektra, for non-compliance with court-ordered financial disclosures. The court has found Salinas and his affiliated entities in contempt, issuing escalating daily fines and granting creditors the right to seize his personal assets until the financial disclosures are provided.

The ruling originates from Grupo Salinas Telecom, S.A. de C.V., Grupo Salinas Telecom II, S.A. de C.V., and their associated entities failing to comply with post-judgment discovery orders. As a consequence, the court imposed a fine of $15,000 per business day starting from July 12, 2024, with the fine amount doubling on November 8, 2024, unless the required disclosures are provided. Shortly after the court’s judgment, Salinas moved millions of dollars out of the U.S. to evade the judgment and prevent the arrest of his assets by the court’s bailiff.

In a key ruling, the court granted an alter ego motion, acknowledging that Grupo Elektra, Banco Azteca, and Salinas are alter egos of Grupo Salinas. This ruling enables creditors to target Salinas and Grupo Elektra directly for payment of the outstanding financial obligations.

Additionally, AT&T Mobility Holdings B.V. was awarded $296,801.95 in legal fees for its efforts to enforce the judgment.

The court’s decision emphasizes its authority in ensuring compliance and holding Salinas and Grupo Elektra accountable for their financial duties. The fines will continue to accumulate until the entities comply with the court’s orders.

The full ruling from the Supreme Court of New York can be viewed at: https://law.justia.com/cases/new-york/other-courts/2024/2024-ny-slip-op-33991-u.html

SOURCE: EuropaWire