The legal dispute between Citibanamex and the shipping company Oceanografía ─today in the red─ originated in 2014, would stop the sale of the bank owned by the American Citigroup announced last week.
According to information disseminated by different media, a judge in Mexico City, based on a lawsuit that has been filed Oceanography against Banamex, it would have determined that the financial institution “refrain from selling or transferring shares, assets and other tangible or intangible financial assets, until the main lawsuit is resolved in a final judgment.”
Also, he would have asked to refrain from making agreements, assemblies or any other corporate act to sell, donate, usufruct or by any means, affect the portfolio of active and passive clients of the bank, as well as its goods and services that affect the value of the institution and its departure from Mexican soil.
Based on the information released, the judge asks Citigroup to make a payment of 5.2 billion dollars or its equivalent in national currency, to guarantee the amounts demanded by Oceanography.
As for the shipping company, it asks for the payment of 260 million dollars or its equivalent in national currency, to guarantee possible damages that it could cause with the failure to Citi. This should be fulfilled in the next five days, otherwise these measures would be revoked.
It is noted that, if Citi pays the demanded amount, the sale process could continue; otherwise, the trial could take up to two years.
The lawsuit between Banamex and Oceanography emerged in 2014, when it was revealed that the shipping company had allegedly submitted false accounts receivable to Pemex, which is why it was sued by the bank.
All this process led to the bankruptcy of Oceanografía and the arrest of its president, Amado Yáñez ─later released. The company subsequently sued the bank.
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