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Ancira agrees to repay $216 million for bad Pemex deal

Mexico City, Mexico — The former president of Altos Hornos (AHMSA) will pay more than $216 million USD as compensation for the damage derived from the sale of AgroNitrogenados to Pemex. In exchange for the payment, he will avoid a money laundering lawsuit.

Alonso Ancira, former president of Altos Hornos de México, remains in the North Prison in Mexico City accused of selling a useless fertilizer plant to Pemex in 2013 at a rate greater than its worth. However, Ancira is set to be released after formalizing the reparation agreement with Pemex for the sale of AgroNitrogenados.

According to the Federal Judicial Council (Consejo de la Judicatura Federal), the Mexican oil company will receive $216.6 million as compensation for the damage. Following the agreement, the money laundering trial against Ancira will be suspended. Judge Artemio Zúñiga Mendoza also ordered the withdrawal of the Interpol file that was issued against the businessman.

The decision was made after a hearing in the North Prison where Ancira has been since his extradition from Spain. Representatives of Pemex, officials from the Attorney General’s Office (FGR) and the Financial Intelligence Unit, as well as Ancira’s defense team took part in the hearing.

As agreed, the former AHMSA president will make four payments to Pemex. Each of them will be $54.17 million plus interest generated. The first of the four payments will be made on November 30, the second in 2022, another in 2023 and the last on August 15, 2024. The payment of interest is scheduled from the deposit of the second year.

The FGR said the plant was sold for 10 times its real value.

The sale of AgroNitrogenados was sealed with a surcharge of about $500 million by AHMSA when Pemex was directed by Emilio Lozoya Austin, who also faces a trial in Mexico after being extradited from Spain in July 2020.