Stand-off in TV Azteca Fraud Lawsuit

10 January 2005

Mexican broadcaster TV Azteca says it 'fighting for right' in its battle with the US Securities and Exchange Commission over fraud allegations.

The country's second largest Spanish-language broadcaster says it has not accepted any settlement deals offered by the SEC, which claims the company hid a debt transaction from shareholders.

The alleged fraud is said to have netted controversial chairman Ricardo Salinas Pliego $109 million (€82m, £58m) in 2003 [WAMN: 6-Jan-2005].

However, the company is vehement in its denials of any wrongdoing, saying: "We could have settled for money, but this is not about money. It is about standing up for what you believe to be right."

The SEC has made no comment about any settlement offers.

Data sourced from New York Times; additional content by WARC staff