Mexican TV Mogul to Delist Shares in US

05 May 2005

Troubled Mexican media and retail tycoon Carlos Salinas Pliego says he will delist his TV Azteca company from the New York Stock Exchange.

According to TV Azteca, the move is due to the high cost of complying with Sarbanes-Oxley legislation, introduced after spectacular financial scandals at WorldCom, Enron, and Adelphia, among others.

Two other firms in Salinas Pliego's stable say they will also hold extraordinary shareholders' meetings to vote on delisting.

The billionaire chairman and controlling shareholder of TV Azteca - Mexico's second largest broadcaster - is under civil fraud investigation by US financial watchdog, the Securities and Exchange Commission.

The SEC accuses him and a business partner of an irregular debt buying deal in 2003 which netted Salinas Pliegos $109 million (€82m; £58m) at the expense of other shareholders.

Salinas Pliego vehemently denies any wrongdoing and accuses the SEC of trying to make up for its failings in other corporate scandals by picking on him.

Data sourced from Financial Times Online; additional content by WARC staff