Deloitte hid data from the National Banking and Securities Commission about the newly revealed illicit activities
Deloitte's office in Mexico, Galaz, Yamazaki, Ruiz Urquiza, failed to inform the National Banking and Securities Commission (CNBV) about the newly revealed illicit activities that took place between AHMSA-Pemex-Odebrecht in 2014.
The international consultancy appears in its financial reports as the external auditor of Altos Hornos de México (AHMSA), of Alonso Ancira.
Directed in Mexico by Francisco Pérez Cisneros, Deloitte did not report the alleged anomalies over the sale of the Agro Nitrogenados scrap plant to Pemex, nor of the transfer of resources to Grangemouth Trade Company, an Odebrecht subsidiary, allegedly to pay bribes to officials in different countries
It turns out that in AHMSA's 2015 annual report it indicates that in 2013 and 2014, the opinion of the external auditor on the financial statements of the Company was issued without qualifications. The steelmaker has paid 142.1 million pesos to Galaz, Yamazaki, Ruiz Urquiza for those reports since 2013.
On Tuesday, Interpol stopped Ancira in Spain, an unprecedented action against a senior executive officer.
Galaz, Yamazaki, Ruiz Urquiza had the obligation to report on the events of 2014 to the CNBV, in accordance with Article 345 of the Securities Market Law, at least on the purchase and sale of the obsolete plant and the AHMSA transaction. to Odebrecht.
"If, during the practice or as a result of the audit, they find irregularities that affect the liquidity, stability or solvency of any of the financial entities or issuers to which they provide their audit services, they must present the committee that performs audit functions, in the case of public limited companies or stock market investment promoters, or to the oversight body of the financial institution or issuer in question, and in any case to the Commission, a detailed report on the situation observed," the Law indicates.
"They can not lend themselves to their clients. Well, they have the pressure of their global corporates to behave according to principles. And they know that there are mechanisms of international pressure that can put them in trouble," said Manuel Valencia, international business specialist at Tecnológico de Monterrey.
It is not the only case, the consultant has been fined by the CNBV for breaching procedures in OHL audits; It was disqualified by the Judicial Power in the face of inefficiencies of an Internet trial service and was also pointed out in the investigation of the so-called Panama Papers.
"Scandals like those of Odebrecht force them to be more cautious even for the clients with whom they work," the analyst said.
Since 2013, when the Peréz Cisneros administration began in Deloitte Mexico, the consultors was benefited by government contract awards, despite national and international scandals.
Source: Herald of Mexico