Finance and tax authorities are making ready a broad audit of Mexico’s improvement banks amid a corruption investigation into Braskem-Idesa’s Etileno XXI petrochemical advanced and the position the banks performed in financing disgraced Brazilian contractor Odebrecht for work on the challenge.
President Andrés Manuel López Obrador (AMLO) named Nacional Financiera (Nafin), worldwide trade-focused improvement financial institution Bancomext and rural financial institution BanRural within the preliminary announcement of the audit, although he implied a broader sweep would get underway this yr.
“For the primary time, an audit shall be carried out of the complete improvement banking [segment], as a result of in all this about Odebrecht, relating to fertilizers, in every part, improvement banks have been utilized in a really irregular, discretionary approach, it was ordered from above to approve the loans,” AMLO informed a press convention.
He stated the federal government started offering VAT refunds to Odebrecht for the petchem challenge even earlier than operations started, permitting them to make use of the refunds to make curiosity funds on US$570mn in loans from improvement banks.
Whereas ostensibly authorized, AMLO claimed such exercise couldn’t have occurred with out unlawful affect peddling.
Different improvement banks probably up for evaluate embody nationwide public works and companies financial institution Banobras, armed forces financial institution Banjército, monetary inclusion-focused Bansefi and federal mortgage financial institution SHF.
In an evaluation printed Thursday, Mexican each day Milenio reported that federal auditing company ASF had carried out 241 audits at six of the event banks (excluding BanRural) since 2000, and that the six banks have but at hand over the 905mn pesos (U$42mn) ASF has ordered them to pay on account of the audits.
AMLO added that he was seeking to the finance ministry and the federal tax company SAT to hold out the audit, amid indicators the federal government is urgent authorities to uncover irregularities in quite a lot of state-backed monetary establishments.
For instance, auditing company ASF introduced Wednesday the supreme court docket had cleared the way in which for it to hold out an audit of federal housing lender Infonavit, with the excessive court docket hanging down an injunction in place since January 2019 that barred the audit on authorized grounds.
The supreme court docket resolution will permit the ASF to evaluate Infonavit’s monetary dealings throughout 2018, particularly investigating a 5.09bn-peso cost to public housing builder Telra Realty, reportedly tied to the early termination of a contract.