The President of the Republic, Andrés Manuel López Obrador, says that inaction in the face of the potential bankruptcy of one of the largest steel companies in the country, Altos Hornos de México (AHMSA), is “nothing personal” against businessman Alonso Ancira. However, the company’s bank accounts have been frozen for four years by the Ministry of Finance (SHCP), which prevents the injection of $150 million to restart production, according to a company press release.
"The non-release of (bank) accounts by the Financial Intelligence Unit (of the SHCP) constitutes an impediment for investors to operate the necessary funds to restart the company's operations," AHMSA reported in a press release.
"$150 million has already been credited, contributed by the Kikapoo tribe's investment fund and there is the provision of other interested parties," the company reported.
After half a year since the main shareholder of AHMSA, Alonso Ancira Elizondo, signed an agreement to sell the shareholding control of AHMSA to the American Argentem Creek Partners, which has Cargill Capital as investors, the Texan Kickapoo tribe and willing Chinese businessmen to invest $1.0 billion in three years, yesterday August 28, President López Obrador said that his government is willing to help AHMSA but without Ancira in the company.
The reminder that the company's bank accounts are still frozen was made by the AHMSA spokesman, Francisco Orduña, after the words of López Obrador.
Orduña said that the president "may be uninformed" because he "is unaware of the precise letter" sent by AHMSA in which he details "all the necessary information to enable federal support for the new investors involved in the reactivation of AHMSA."
The AHMSA spokesperson said that on July 26, the Federal Prosecutor and representative of the Treasury Secretariat to deal with the issue of AHMSA, Félix Arturo Medina Padilla, received all the information on the agreements signed by Argentem Creek Partners and the Requests for support from the Federal Government to reschedule debt payments with public entities in installments.
It was also reported that through the agreement with Argentem, Alonso Ancira and his family members will not participate in AHMSA.
Due to the above, the spokesperson for the steel company said that approval and/or formal approval is needed to continue with the process” of reactivating production.
“It is essential to facilitate the comprehensive Financial Restructuring and the restart of AHMSA operations and benefit creditors, unionized workers, trusted employees, federal, state and municipal public finances, suppliers and other direct and indirect beneficiaries throughout the region. from the center and north of Coahuila, approximately 150 thousand beneficiaries.”
For all this, "it is necessary that AHMSA's bank accounts be unfrozen, so that the company can operate, receive payments and meet its obligations."
A meeting was also requested, on behalf of AHMSA would be Argentem, Cargill and executives of Grupo Financiero Afirme, the company's main creditors, with the officials designated by the President of the Republic.
On Monday, the president said: “but we cannot make that agreement with Mr. Ancira for obvious reasons, without having anything personal against him; it is a matter of practical judgment, of common sense.”