Azteca to Delist

Mexican tycoon Ricardo Salinas Pliego plans to delist the stocks of three companies he controls from the New York Stock Exchange. TV Azteca, Mexico’s second television network, Grupo Elektra, the country’s main home appliance retailer, and cellphone company Grupo Iusacell plan shareholder meetings to approve delisting from the NYSE. Salinas Pliego cited “over- regulation” for the decision. However, the US SEC is suing him for fraud and last week Mexican regulators fined TV Azteca, Salinas Pliego and a director $2.3 million for violating local securities law. Finance Minister Francisco Gil Díaz also demanded prosecutors bring criminal charges against Salinas Pliego for insider trading.