Billionaire tycoon Ricardo Salinas Pliego and the Securities and Exchange Commission reached a settlement last week, marking the end of the first lawsuit against a foreign company under the corporate governance rules of the Sarbanes-Oxley Act.
Salinas Pliego owns Mexico's second-largest broadcast station, TV Azteca and agreed to pay $7.5 million in penalties and compensation to settle accusations of fraud involving a plan to conceal a deal between a TV Azteca subsidiary and a cellphone company secretly owned by Salinas Pliego. He neither admitted, nor denied wrongdoing, and another associate, Pedro Padilla Longoria, agreed to pay $1 million in penalties.
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