February 10, 2020 / 1:51 PM / 6 months ago

Board president for Mexico's Grupo Lala fined

MEXICO CITY, Feb 10 (Reuters) - The Mexican banking regulator fined in November the president of the board of Grupo Lala, a dairy products manufacturer, for failing to report transactions related to shares of another firm in which he was involved, according to the regulator.

The executive, Eduardo Tricio Haro, was fined $35,000. A spokesman for Tricio said the fine was related to "routine, extemporaneous reports" on holdings of the company, Grupo Industrial Saltillo (GIS). Fifty other individuals and banks were also fined, the spokesman said late on Friday.

"The fine is the lowest for routine reports as the authority determined that there was no fraud or economic benefit," the spokesman said in a statement. In 2014, Tricio resigned as a member of the GIS board.

In addition to Grupo Lala, Tricio sits on the boards of directors of important Mexican companies such as Aeroméxico, the largest airline in the country, the financial group Citibanamex, the industrial chemical conglomerate Orbia <ORBIA.MX > and broadcaster Televisa .

Without offering further details, a document from the National Banking and Securities Commission (CNBV) said that the executive "failed to report (...) the disposals or acquisitions of shares of the issuer with which he was associated."

The CNBV did not respond to a request from Reuters for information.

According to the report, the offense, which took place in 2014, is not considered serious and the fine of 672,900 pesos ($35,845) is likely to be challenged.

Tricio is also part of the Mexican Business Council, which brings together the most influential entrepreneurs in the country.

In December, the CNBV also sanctioned the chairman of the board of directors of the bottling organization Cultura Cultiba , Juan Gallardo, for failing to immediately inform the market about an unspecified administrative procedure in 2014.

Cultiba, which was also fined just over 2 million pesos, did not respond to requests for comment. (Reporting by Noe Torres; writing by Julia Love, editing by Louise Heavens)

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