New York Court Finds Billionaire Ricardo Salinas in Contempt Again — Orders $21 Million Penalty and Threatens Jail

MEXICO CITY & LONDON - Aug. 13, 2025 - PRLog -- NEW YORK / MONACO / LONDON — In a blistering 23-page decision, the Supreme Court of the State of New York has found Mexican billionaire Ricardo Salinas Pliego, his companies Grupo Elektra SAB de CV and Banco Azteca SA, and top lieutenant Francisco Borrego in civil contempt for deliberately obstructing court orders and concealing assets to evade a $20 million judgment owed to AT&T Mobility Holdings B.V.

The August 12, 2025 ruling by Justice Andrea Masley imposes a $20 million fine — equal to the underlying judgment — plus $1,047,378.90 in legal fees, holding Salinas and his co-conspirators jointly and severally liable. The court ordered Salinas and Borrego jailed if they do not pay or surrender the contested Elektra shares to a court-appointed receiver within 14 days.

"The Nonparties controlled Grupo… which makes them jointly and severally liable for the full amount of the contempt," Justice Masley wrote, rejecting arguments that Mexican nationality or corporate formalities shielded Salinas from accountability.

"The court finds that Borrego's decision to terminate [trial counsel] was a calculated attempt to avoid AT&T's $20 million judgment and violate the Turnover Order."

Key Findings:

• Alter Ego Status — The court held Salinas, Banco Azteca, and Grupo Elektra are alter egos of judgment debtor Grupo Salinas Telecom, with Salinas directly controlling asset movements.
• Orange Jumpsuit — If Salinas does not pay within 14 days, he will trade his designer suits for an orange jumpsuit — the judge ordered him jailed until the money is paid or assets surrendered.
• Asset Shielding — Salinas personally ordered the transfer of Elektra shares from U.S. accounts to Mexico and orchestrated a scheme to delist Elektra from the Mexican Stock Exchange to hinder liquidation.
• Receiver Obstruction — Salinas's camp placed the court-appointed receiver on a "no-entry" list for the Elektra shareholders meeting, blocking oversight.
• Pulls all the strings — The judge declared Salinas the alter ego of his companies, exercising total control over Grupo Elektra, Banco Azteca, and Grupo Salinas Telecom.
• Moved assets to dodge justice — Personally ordered U.S.-held Elektra shares moved to Mexico in a calculated move to shield them from seizure.
• Orchestrated a sham privatization — Tried to delist Elektra from the Mexican Stock Exchange to sabotage the court-appointed receiver's ability to liquidate assets.
• Banned the Receiver — Placed the receiver on a "no-entry" blacklist at the Elektra shareholder meeting.
• Sabotaged the legal process — Fired his own trial lawyers to avoid compliance and stonewall post-judgment discovery.
• Bad Faith Litigation Tactics — Salinas and Borrego fired trial counsel and abandoned New York court proceedings to frustrate post-judgment discovery.

Global Implications

The ruling is the latest blow to Salinas, already facing mounting legal and regulatory battles in Mexico, the United States, and Europe over allegations of tax evasion, laundering drug cartel proceeds through Banco Azteca and U.S. payday lender Purpose Financial Inc, and stripping assets from Grupo Elektra while shareholders and regulators looked the other way, fraud and corporate looting. The New York contempt findings bolster international enforcement efforts and may trigger cross-border asset freezes in jurisdictions where Salinas's empire operates.

This contempt finding adds to a growing catalogue of allegations against Salinas: tax evasion, laundering drug cartel proceeds through Banco Azteca and U.S. payday lender Purpose Financial, and stripping assets from Grupo Elektra while shareholders and regulators looked the other way.

By openly defying a New York court, Salinas has now escalated his legal crisis into an international enforcement battle that could see his global assets frozen and seized.

Legal observers say the decision will be highly persuasive to foreign courts considering enforcement and asset-tracing actions against Salinas and his companies.

Comment

A spokesperson for AT&T's legal team stated:

"This is a clear message — you cannot hide assets, defy lawful orders, and expect impunity. We will pursue enforcement in every jurisdiction necessary to collect what is owed."

This ruling confirms what insiders have said for years — Salinas runs his empire like a personal piggy bank and thinks he's above the law. New York has proven he is not," said one enforcement lawyer involved in the case.

New York State Supreme Court
Case No. 650330/2020

https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=WEXWt46LkkbanxPwOJQJYQ==

Photo:
https://www.prlog.org/13093184/1