As Agencies Unveil New Evidence of Fraud, Banamex Oceanografia Case Thickens Victor Mayen - The News
go to original June 13, 2014

MEXICO CITY – The special Senate committee assigned to the Oceanografia case has received more information that confirms the company acted fraudulently in obtaining specific supplier finance loans of more than $500 million from Banamex.

The committee secretary, Zuarth Gil Roberto, said that the creation of this specific product for Oceanography had no controls through the National Banking and Securities Commission (CNBV) to ensure its legality.

“It seems that the bank created a financial product to grant credit lines to suppliers of Mexican oil companies, as a kind of factoring system,” said Gil. “I think it’s important to analyze what the financial product’s operational conditions were and how it was observed, reviewed and controlled by the CNBV. It seems that the financial product did not require the controls in order to ensure legal regularity.”

PRD Senator Mario Delgado Carrillo proposed that the National Banking and Securities Commission President Jaime González Aguadé also meet with the group to explain the agency’s lack of oversight in negotiations between Banamex and Oceanografía.

Read the rest at The News

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