USA Court Lambasts Ricardo Salinas Pliego For Contempt Of Court Order

(IN BRIEF) The Supreme Court of New York has ruled against Ricardo Salinas Pliego and Grupo Elektra for failing to comply with court-ordered financial disclosures. The court found Salinas and his entities in contempt, imposing escalating daily fines, starting at $15,000 per business day, which will double if compliance is not achieved. This decision stems from Grupo Salinas Telecom and its affiliates not adhering to post-judgment discovery orders. Furthermore, the court granted an alter ego motion, allowing creditors to pursue Salinas and Grupo Elektra’s assets directly. AT&T Mobility Holdings was awarded $296,801.95 in attorneys’ fees for its enforcement efforts. The ruling emphasizes the court’s commitment to enforcing compliance and accountability.

(PRESS RELEASE) VANCOUVER, 8-Jan-2025 — /EuropaWire/ — Astor Asset Management 3 Ltd reports that the Supreme Court of New York has issued a firm ruling against Ricardo Salinas Pliego and Grupo Elektra for failing to comply with Supreme Court of New York court-ordered financial disclosures. The court found Salinas and his affiliated entities in contempt, imposing escalating fines and allowing creditors to pursue his personal assets.

The ruling stems from Grupo Salinas Telecom, S.A. de C.V., Grupo Salinas Telecom II, S.A. de C.V., and their affiliates failing to comply with post-judgment discovery orders. As a result, the court imposed an initial fine of $15,000 per business day dating back to July 12, 2024. Beginning November 8, 2024, the fine doubles daily until compliance is achieved. Just 3 days after the court ordered judgement, Mr Ricardo Salinas Pliego moved millions out of the U.S.A. in order to avoid paying a judgement and having the assets arrested by the courts bailiff.

In a key decision, the New York court granted an alter ego motion, recognizing Grupo Elektra, Banco Azteca, and Ricardo Salinas Pliego as alter egos of Grupo Salinas. This ruling enables creditors to pursue Salinas and Grupo Elektra directly to satisfy outstanding financial obligations.

Additionally, AT&T Mobility Holdings B.V. was awarded $296,801.95 in attorneys’ fees for its enforcement efforts.

This decision reinforces the court’s authority in ensuring compliance and holding Ricardo Salinas and Grupo Elektra accountable for their legal obligations. The sanctions will continue to increase until full compliance is met.

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

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FAQs:

1. What was the Supreme Court of New York’s ruling regarding Ricardo Salinas Pliego and Grupo Elektra?

The court found Ricardo Salinas Pliego and his affiliated companies in contempt for failing to comply with court-ordered financial disclosures. The court imposed escalating fines and allowed creditors to pursue Salinas’ personal assets.

2. What was the initial fine imposed by the court for non-compliance?

The court imposed an initial fine of $15,000 per business day, dating back to July 12, 2024. The fine is set to double daily starting November 8, 2024, until compliance is met.

3. What is an “alter ego” motion, and how did it apply in this case?

An “alter ego” motion allows creditors to pursue assets from individuals or companies that are considered to be extensions or alter egos of a business. In this case, the New York court recognized Grupo Elektra, Banco Azteca, and Ricardo Salinas Pliego as alter egos of Grupo Salinas, enabling creditors to pursue Salinas’ and Grupo Elektra’s assets directly to settle outstanding debts.

4. What actions did Ricardo Salinas Pliego take after the court-ordered judgment?

After the court’s judgment, Ricardo Salinas Pliego moved millions of dollars out of the United States in an attempt to avoid paying the judgment and prevent the courts from seizing the assets.

5. How much did AT&T Mobility Holdings receive for enforcement efforts?

AT&T Mobility Holdings was awarded $296,801.95 in attorneys’ fees for its efforts to enforce the court’s decision.

6. What will happen if Salinas and Grupo Elektra do not comply with the court’s order?

The fines will continue to escalate daily until full compliance is achieved, and creditors will be allowed to pursue assets to fulfill outstanding financial obligations.

7. How does this ruling impact future enforcement of financial obligations in court cases?

This ruling reinforces the court’s authority to ensure compliance and hold entities and individuals accountable for legal obligations, setting a precedent for future cases involving non-compliance with court orders.

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SOURCE: Astor Asset Management 3 Ltd