(Bloomberg) -- Mexican billionaire Ricardo Salinas Pliego says he has taken legal action in an alleged multimillion-dollar fraud that’s left shares of his flagship company in the hands of an accused serial scammer.
Under a 2021 loan agreement, Salinas gave 7.2 million shares of his retail and banking conglomerate, Grupo Elektra SAB, to a fund called Astor Asset Management as collateral for a loan to one of his companies that eventually totaled $110 million, according to a press release from Astor earlier this week.
Salinas, 68, said that he’s unable to get the shares back despite offering to pay the loan in full. Elektra shares on the Mexican stock exchange have been suspended from trading since July 26 because of Salinas’ claim of the alleged fraud.
Salinas’ representatives say they have filed suit in the UK against Astor and Vladimir Sklarov, an individual who is also named in other cases alleging fraudulent activities. A UK court has issued a temporary order blocking Astor from trading the shares of Elektra, according to both Astor and Salinas. The case is currently sealed.
In an email, Sklarov said he was “clueless” about a lawsuit against him because he hasn’t been served with court papers.
Any “wrongful accusations” against him are “slanderous, defamatory and those responsible will face very serious financial counterclaims,” Sklarov said. “I intend to defend my dignity, reputation and honor once I am served.”
An unidentified person responded to Bloomberg News’ inquiries from a general Astor company email. They only referred to themselves as a company spokesperson, and denied that Sklarov was the owner of Astor Asset Management 3 Ltd., the entity that lent the money to Salinas. Calls to the phone numbers on its website went to a message service. The business addresses on its website are all for shared office spaces in financial centers including San Francisco and London. The names of the managing directors and other executives listed on its website couldn’t be found elsewhere.
A search of court records revealed lawsuits against Sklarov from a Hong Kong-based paper-product maker and major financial institutions.
In a lawsuit filed in the Southern District of New York in February, Sklarov is accused by Hong Kong-based company Chenming Holdings of refusing to return shares after it had paid off a loan from another Astor fund last year. Sklarov and a series of companies have yet to respond to the suit.
In another, Sklarov was accused by Barclays Plc of infringing on the Lehman Brothers trademark to pursue fraudulent schemes. Rothschild Group filed a similar suit against Sklarov in 2019. Court records show that both suits were settled with Sklarov agreeing not to use the Lehman Brothers or Rothschild names.
The trademark lawsuits were “meritless,” Sklarov said via email. His email signature identified him as the president and chief executive officer of America2030, whose website promotes a range of businesses including real estate and investment asset management.
“Wrongful lawsuits against me are not new as few have tried to throw whatever they can against the wall to see what will stick and have issued apology letters as a result or withdrew their claims or paid my legal fees,” Sklarov said. “Anyone can sue anyone frivolously but it doesn’t mean allegations are factual.”
Grupo Salinas will continue its legal action “until those responsible for this probable fraud face justice,” the company said in a statement.
The conflict with Astor adds to other debt-related matters Salinas has been dealing with in recent months.
His broadcaster TV Azteca defaulted on $400 million bond in 2021 and has been battling creditors since. His cable and internet company Total Play turned to Mexican non-bank financial institutions last year for needed financing after it failed to close a deal with a global financial firm.
Meanwhile, the government alleges that companies owned by the billionaire owe 63 billion pesos ($3.3 billion) in taxes, an amount that includes inflation adjustments and fines. Grupo Salinas is fighting the assessment in court and has said the government is looking to “charge us twice.”
(Updates with Sklarov response beginning in fifth paragraph)
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