According to Damián, the ASF found that in the report submitted to the chamber of deputies Pemex exploration and production (PEP) had eliminated a 2009 debt “turning it into monies owed to Pemex Corporativo [Pemex’s corporate headquarters office]”. Pemex Corporativo described the sum as “an increase in investment in subsidiaries, without providing any specific breakdown, a technical or normative reason and without exhibiting the approval of the administrative council,” Damián said. However, in a statement Pemex maintained that the operation flagged by the ASF is a “method of accounting consolidation which answers to standard practices used by the company since 1993 and does not involve a movement of funds”. The statement explains that according to Pemex’s organic laws the company’s policy is for its subsidiaries to transfer to Pemex Corporativo “all their results (profits or losses) in order to maintain financial balance”.
MEXICO | América Móvil seeks to increase European presence. On 7 May América Móvil, Latin America’s largest telecommunications company owned by Mexican tycoon Carlos Slim, announced that it was submitting an offer to acquire 28% of Dutch telecommunications firm KPN. América Móvil already owns a 4.8% stake in KPN but the increased stake will allow it to become an important minority shareholder in the company that has a “relevant market position in Europe” (see sidebar).
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