Mr Ancira to Pay USD 219 Million to Avoid Graft Trial
Alonso Ancira Elizondo Graft TrialSan Antanio Express

Mr Ancira to Pay USD 219 Million to Avoid Graft Trial

OCCRP reported that Mexican steel tycoon Mr Alonso Ancira Elizondo has agreed to pay USD 219 million in damages to state oil company PEMEX to

OCCRP reported that Mexican steel tycoon Mr Alonso Ancira Elizondo has agreed to pay USD 219 million in damages to state oil company PEMEX to avoid trial for money laundering and corruption. WhatsApp messages from the Federal Judicial Council to local reporters, seen by OCCRP, suggest that Elizondo will remain in custody until the damages agreement with PEMEX is approved by the prosecutor’s office.

Chief of Mexico's largest steelmaker AHMSA, Elizondo has reportedly been in preventative detention since last week, when he was extradited from Spain to face legal proceedings in his home country. Known nationally as the ‘King of Steel’, he is accused of using bribery payments to secure the sale of an overpriced fertilizer plant to the state oil company, in turn using his own firm to launder the proceeds. According to news outlet Milenio, the prosecution originally indicted Ancira Elizondo for bribing PEMEX's former CEO, Emilio Lozoya, with USD 3.5 million in exchange for buying the inactive fertilizer plant in 2013.

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