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Period: to
Government Contracts
From 1999 to 2013, Oceanografia had at least 160 contracts with the Public Company PEMEX with earnings of more than US$2,300 millions. These contracts where a result of the relations between the new president and employees from the company. Just when the company was about to declare bankruptcy, in 2002, the mexican president got married with the mother of those employees.
http://www.bbc.com/mundo/noticias/2014/03/140304_banamex_claves_fraude_oceanografia_mexico_an -
Oceanografia
Onceanografia S.A. de C.V. had more than 40 years, it was managed by Amado Yañez who is in prision right now. This company gave services to petroleum companies and their biggest client was PEMEX in Mexico, which was almost their 97% of sales. -
PEMEX
PEMEX is a public company in Mexico that is responsible for the petroleum in the whole country. Petroleum in Mexico is part of the rich of every resident, that´s why only this company can deal with it, because it is part of the government and it´s incomes. -
Banamex
Banamex is one of the biggest banks in Mexico, it was involved in the scandal because of the huge loans they had with the company Oceanografia. -
Bank Loan
Oceanografia gets a loan for US$583 millions from Banamex and as a guarantee, the company gives the bank fake future incomes (accounts receivables) from PEMEX. -
Bank got suspicious
During the first month of 2014, Banamex started digging into the company and realizes that not even half of the accounts receivable they had were real, that´s when the bank decided to go public and press charges against Oceanografía. This investigation was followed by the PGR wich is the law inforcement entity in Mexico. -
Sanction
Oceanografia got a sanction which prevented the company from participating in contracts bids from the government especifically PEMEX. This sanction was for 21 months and the intention was to have enough time to dig into the company and find the evidence needed. -
PEMEX takes part
PEMEX approaches to Banamex and confirms that those accounts receivables where not valid, they were faked by Oceanografia. -
PGR
On this date, the PGR seized all Oceanografia´s assets as they were being part of a fraud. -
Citi Group
Citi Group, owner of Banamex had to fire 11 employees envolved on the recent Oceanografia´s fraud. These had the company on the sight of the financial markets which reaction was as expected, the share price went down as there were US$400 million in a loan without any insurance of being paid. -
CNBV
In october, Banamex received a fine for US$30 million by the CNBV (Comision Nacional Bancaria y de Valores, equivalent to the SEC in the US) because of the recent fraud. -
Prision
In this date,a jury sentenced Amado Yañez CEO and owner of the company to prision because of the crime of getting loans with fake documents in order to use the money for himself or different business. -
Sources
http://www.excelsior.com.mx/nacional/2014/03/06/947319
http://www.milenio.com/negocios/Oceanografia-multa_Oceanografia_0_700730220.html
http://www.cnnexpansion.com/negocios/2016/02/29/citigroup-enfrenta-demanda-por-1100-mdd-por-oceanografia
http://www.cnnexpansion.com/negocios/2015/08/28/exdirector-de-oceanografia-logra-libertad-bajo-fianza-en-eu
http://www.elfinanciero.com.mx/economia/oceanografia-caso-cerrado-banamex.html
http://www.bbc.com/mundo/noticias/2014/03/140304_banamex_claves_fraude_o -
Martín Díaz Álvarez free from justice
Martín Díaz Álvarez CFO of Oceanografia was stopped in Miami, Florida but let go. He is one of the keys on this fraud and he´s still free because mexican authorities were not able to make an extradition agreement with the US. -
Restructure
Right now, the company is being restructured by the government trying to make it pay they people they owed. By now, only the CEO Amado Yañez is in jail and the banks already forgot about this issue, they reflected loses en 2013 fiscal year and they say that they are fighting as they can legally to get their money back.
