Mexichem, Aeromexico board members fined in Mexico for insider trading

Mexico’s financial regulator has fined board members at Mexican chemicals maker Mexichem and airline Aeromexico among others for insider trading, according to government data, in a rare move against powerful business interests. In August and September, 15 people were fined as individuals, not as representatives for any company, for insider trading in 2012 and 2013, a database on the website of Mexican banking and securities regulator CNBV showed. The fines, which totaled US$1.18m are an unusual instance of high-level Mexican business people being cited by the regulator. CNBV spokeswoman Maria Lanzagorta said the fines were all for the same case involving trading in one company, but declined to provide details or say what the case entailed. She said the cases were administrative, not criminal. Among those fined were Ignacio del Valle Ruiz, a board member of industrial company Mexichem, and Rafael Tricio Haro, a board member of Mexican airline Aeromexico. It was not known if they traded in the companies on which they sit as directors, and both companies said they had not been involved in the administrative process. Aeromexico said through communications adviser Giovanna Mejía that it was not involved in the CNBV process and had no comment. It also declined to address any questions regarding the fines.<br/>