Last week, Grupo Aleman decided to buy Oceanografia, but stepped back because of the latter’s unexpectedly large liabilities.
Taking into account the last report on the Amando Yanez-led company’s bankruptcy status, Grupo Aleman said: “Given the circumstances surrounding Oceanografia, this is a process in which there is expected to be clear destruction of value to the detriment of Mexican society, in particular to the employees, shareholders and creditors of the business.”
Oceanografia has been at the centre of a loan scandal that cost Citigroup more than $500m.
Mexico took control of the company in February after Citigroup said it lost money on loans granted to the company based on fraudulent invoices.
“Unfortunately the participation of Grupo Aleman was not able to prevent it from happening,” the Mexican firm said in a statement.
