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  •  Grupo Mexico owns Asarco (3+ / 0-)
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    marina, 6412093, greendem

    Though many believe that it does so through questionable means...

    Asarco mines were fraudulently transferred, judge rules

    Read more here: http://www.mcclatchydc.com/...

     WASHINGTON — A federal judge in Texas ruled that a firm with ties to one of Mexico's richest families fraudulently transferred control of Asarco LLC's majority interest in two Peruvian copper mines to another subsidiary as part of a strategy that all but assured the century-old mining and smelting company's bankruptcy.

    In the 192-page opinion, U.S. District Judge Andrew Hanen said the directors of Americas Mining Corp. and its parent company, Grupo Mexico SAB, dictated the terms of the transfer in an effort to shield the mines from creditors knowing full well that Asarco was insolvent.

    The Peruvian mines could be valued between $8 billion and $10 billion. Hanen has not set damages in the case but has given both sides two weeks to submit additional briefs.

    Asarco sought bankruptcy protection in 2005, two years after it lost control of the Peruvian mines.

    The decision, filed late Saturday, is the latest twist in the largest environmental-related bankruptcy ever, and one of the most complicated. Asarco had operations at dozens of sites nationwide, including what are now 20 federal Superfund sites.

    Read more here: http://www.mcclatchydc.com/...

    Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. www.hamiltonproject.org

    by PatriciaVa on Tue Jan 22, 2013 at 04:24:28 PM PST

    [ Parent ]

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