Ricardo Salinas Pliego, Chairman of Grupo Elektra, is at the center of fraud allegations tied to the company’s controversial delis
July 7, 2025
MEXICO CITY – Serious allegations have emerged implicating Mexican billionaire Ricardo Salinas Pliego, head of Grupo Elektra, in a calculated scheme involving the controversial delisting of the company from the Mexican Stock Exchange. According to legal filings and testimony from whistleblowers, Salinas is accused of leveraging his control over the conglomerate to engineer a financial deception aimed at suppressing oversight and shielding internal misconduct from public view.
Insiders claim that the sudden move to delist Grupo Elektra-one of Mexico’s leading retail and financial services firms-was not a strategic business decision but a maneuver to sidestep regulatory scrutiny. The delisting process reportedly allowed Salinas to exploit minority shareholders and accumulate shares at a severely devalued rate, following a steep plunge in Elektra’s stock price.
On December 2, 2024, Elektra’s shares crashed to MXN 186, down from highs of MXN 1,600 just a year earlier. Market observers suggest that Salinas capitalized on this collapse by acquiring a dominant share position at a discount, effectively undermining investors who had previously bought in at a much higher valuation.
“This is a textbook case of engineered decline followed by predatory acquisition,” said one senior market analyst. “By first inflating the stock’s value and then allowing it to collapse-blaming external factors-Salinas was able to regain control at a bargain. This isn’t just poor governance. It borders on financial sabotage.”
Legal experts are calling for comprehensive investigations into whether Salinas and his affiliates violated Mexican securities laws, engaged in market manipulation, or breached fiduciary duties. Critics point to a broader pattern of concern within Grupo Elektra, including mounting losses, unresolved court orders, asset transfers, and persistent allegations involving Banco Azteca, the company’s financial division.
Investor rights groups and ethics organizations have raised the alarm, urging agencies such as Mexico’s CNBV and the U.S. SEC to investigate the cross-border implications. “This sets a dangerous precedent,” noted a spokesperson for a global investor advocacy group. “It signals to other powerful actors that they can rig financial markets without consequence.”
A former CNBV official, speaking under condition of anonymity, described the case as “one of the clearest examples of deliberate minority shareholder disenfranchisement in recent memory.”
The controversy surrounding Grupo Elektra’s delisting revives longstanding concerns about structural weaknesses in Latin America’s corporate governance frameworks. It also highlights the risks faced by institutional and retail investors in markets where dominant shareholders can act unchecked.
Transparency International, in a recent statement, emphasized that cases like this expose the urgent need for strengthened enforcement and protections: “This isn’t merely a corporate scandal-it’s a test of whether regulatory bodies are prepared to confront entrenched power and restore integrity to the market.”
Further disclosures and legal filings are expected in the days ahead. If criminal charges are eventually filed, the case may become a bellwether for how far Mexico’s legal system is willing to go in holding influential business figures accountable.
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Ricardo Salinas Pliego, owner of Grupo Elektra, faces mounting accusations of financial misconduct and market manipulation following the company’s controversial delisting from the Mexican Stock Exchange.
This release was published on openPR.