"Asarco argued that shortly after Grupo Mexico bought Asarco for $817 million in 1999, it isolated the Southern Peru Copper shares from Asarco, leaving Asarco insolvent [and]... transferred its 54.2% interest in SPCC to Americas Mining Corporation (AMC) in March 31, 2003. Asarco claimed that the AMC dominated and controlled Asarco and forced Asarco to transfer its SPCC shares with the goal of placing the SPCC stock out of reach of creditors.
Asarco claimed that in order to facilitate financing for the SPCC transfer, AMC made "an improper, undisclosed handshake deal with its lender, Banco Inbursa,......whose principal owner is Mexico's richest man, Carlos Slim, "had together purchased approximately 90% of the bonds at deep discounts." "
http://www.mineweb.com/mineweb/view/mineweb/en/page36?oid=54788&sn=Detail
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