Banamex writes off $216m on Oceanografia fraud allegations

Banamex writes off $216m on Oceanografia fraud allegations

Bonds

Banamex’s fourth quarter results are set to come in MXN2.88bn ($216m) lower than expected when it reports them on Monday, after the bank said on Friday that it had found evidence of fraud in its lending to Pemex supplier Oceanografia. Banamex had around MXN7.65bn in short term loans to Oceanografia outstanding at the end of December under an accounts receivable financing deal. After reviewing the paperwork with Pemex, Banamex said around MXN2.42bn of the loans could be backed up by documentation

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