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    Market Segment

    May 30, 2019

    Corruption Charges Rock Mexican Steel Producer AHMSA

    Written by Sandy Williams

    The chairman of Mexican steel producer Altos Hornos de Mexico SAB was arrested on Tuesday in an anti-corruption probe, resulting in the freezing of AHMSA accounts and a possible disruption to steel production in Mexico.

    The investigation involves the sale by AHMSA of an idled fertilizer plant in 2014, allegedly worth $50 million, to oil company PEMEX for $475 million. Alonso Ancira, chairman of AHMSA, allegedly paid former Pemex CEO Emilio Lozoya $3.7 million in bribes to secure the deal using a shell company set up by Brazilian construction firm Odebrecht. Lozoya was also arrested and charged with tax-fraud and bribery.

    Sandy Williams

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