Yesterday, SteelOrbis reported that the Mexican Finance Ministry had frozen the accounts of local steelmaker Altos Hornos de Mexico (AHMSA) in the midst of an anti-corruption probe. Today, global news reports that the company's chairman, Alonso Ancira, has been arrested in Spain. In a statement, the company claimed to not know why Ancira was arrested.
Separately, a Mexican judge issued an arrest warrant for Emilio Lozoya, the former CEO of national oil company Pemex. According to a report from Bloomberg, the two arrests are linked to the corruption probe due to Pemex's purchase of a fertilizer plant sold by AHMSA in 2014. The $475 million price tag is alleged to be "overpriced," and potentially involved bribes.
A spokesperson for AHMSA has denied any wrongdoing.