Background and Relevance
The case of Sociedad Financiera Popular (Sofipo) CAME requires a resolution within a maximum period of 180 days. During this time, the interventor appointed by the Comisión Nacional Bancaria y de Valores (CNBV) will determine the future of the entity. However, savers are actively working to prevent liquidation.
Key Players
Alfonso Ascencio has been appointed as the interventor and assumed his role on Wednesday. He is currently gathering crucial information about Sofipo to assess the situation.
Savers’ Perspective
According to a saver close to the process, Alfonso Ascencio has shown willingness to collaborate. However, there are still pending data to be submitted, such as the change of fiscal domicile. Meanwhile, a group of savers who carried out a half-hour blockade on Avenida Insurgentes near Plaza Inn presented an alternative proposal to liquidation. They have requested the CNBV to consider their rescue plan, based on the guidelines of the Ley General de Ahorro y Crédito Popular.
Savers’ Actions
Savers have started turning to international instances and deployed a legal strategy to avoid the bankruptcy or liquidation of the entity. They are also following up on a denunciation already filed with the fiscalía.
CNBV’s Role
The CNBV detected a series of accounting irregularities, leading to the intervention. CAME has experienced significant capital loss, placing it in Category Four of the Nivel de Capitalización (Nicap), indicating financial insolvency, according to the CNBV’s sole communication on this case.
Procedural Details
On May 21, the CNBV notified Sofipo of the commencement of the revocation process for failing to meet capitalization requirements related to credit and market risks. The process is ongoing.
The decision to intervene was made by the Junta de Gobierno following a series of supervisory visits since March and various preventive measures that failed to reverse the entity’s deterioration.
Key Questions and Answers
- Who is Alfonso Ascencio? Alfonso Ascencio is the interventor appointed by the CNBV to determine the future of Sofipo CAME.
- What is the savers’ alternative proposal? The savers have proposed an alternative to liquidation, presenting a rescue plan based on the Ley General de Ahorro y Crédito Popular guidelines to the CNBV.
- What are the accounting irregularities? The CNBV detected a series of accounting irregularities leading to the intervention of Sofipo CAME.
- What is the current status of the revocation process? The revocation process initiated on May 21 is ongoing, with Sofipo failing to meet capitalization requirements related to credit and market risks.
