Legal Showdown: Heirs of Steel Tycoon Alonso Ancira File Lawsuit Over Alleged Share Theft

San Antonio: Legal Battles Unfold for Steel Tycoon Alonso Ancira

Residents of San Antonio are abuzz with news that former steel magnate and entrepreneur Alonso Ancira is once again in the legal spotlight. After spending time behind bars and paying a hefty sum to Mexico’s state oil company, Pemex, Ancira’s past dealings are now stirring up a new legal controversy that has caught everyone’s attention.

A Controversial Sale and Fortunes Lost

Back in 2014, Ancira, who was at the helm of the steel company Alto Hornos de Mexico (Ahmsa), sold a fertilizer factory to Pemex for nearly $275 million. This transaction raised eyebrows when it was later revealed that the factory was in poor condition and widely regarded as “junk” by critics within the government. The transaction was also marred by allegations that Ancira paid off then-Pemex CEO Emilio Lozoya with a sum of $3.5 million to facilitate an inflated sale price.

In 2019, Ancira was arrested in Spain under allegations of defrauding Pemex, leading to a high-profile extradition to Mexico. Fast forward to April 2021, and after much legal wrangling, Ancira found a way out of his legal troubles—albeit for a steep price. He agreed to pay over $216 million to Pemex as part of a “reparation agreement” to secure his release.

The New Lawsuit: Heirs Speak Out

Now, things have taken an interesting turn. Three heirs of Ancira’s late brother, Manuel Ancira, have filed a lawsuit in San Antonio claiming that Alonso unlawfully took control of their shares in a Mexican steel supplier to use as collateral for his legal escape. The heirs, who reside in the nearby city of Boerne, are led by attorney Isaac Budnik Villarreal, and they are adamant that they will fight for their rights. In an email, Villarreal stated, “My clients’ shares were stolen, and we are fighting to hold those responsible accountable.”

The lawsuit holds that Alonso Ancira used their shares in Grupo Acerero del Norte as collateral, despite not having any legal claim to them. The suit details how, while still incarcerated, Ancira allegedly conspired with a lawyer and a notary to forge powers of attorney from several shareholders, which enabled him to misuse their stocks.

A Legal Tug-of-War

The heirs are seeking more than $1 million in damages, as well as a declaration that the documents in question were forged. They also have filed a criminal complaint against Alonso in Mexico. This developing situation shines a spotlight on the intersection of law, commerce, and family feuds—even reaching into corporate governance.

The lawsuit has also named Pemex and Wendy Ann Madden, the trustee of the GAN Shares Trust, as co-defendants. Interestingly, a temporary restraining order has been granted by Judge Laura Salinas, preventing Alonso from selling any of the shares in question until the case is resolved. This order showcases just how seriously the court is taking the heirs’ claims.

The Bigger Picture

Ahmsa, once heralded as one of Mexico’s leading steel producers with around 23,000 employees, has faced significant challenges lately, entering bankruptcy in August. It’s unclear whether Ancira still wields any influence within the company he once helmed, raising questions about the future of Ahmsa amidst these legal and financial hiccups.

As the situation unfolds, it’s evident that the stakes are high—not just for Alonso Ancira, but for the heirs who feel wronged and who are desperately seeking a resolution to reclaim what they believe is rightfully theirs. The upcoming hearing for a permanent injunction to sustain their restraining order will be crucial in determining the next steps in this dramatic saga.

With everything on the line, San Antonio and beyond will be watching closely as this courtroom drama continues to develop with potential implications for the broader business community.