Printer Friendly

AIR ROUTING FILES LAWSUIT AGAINST MULTIBANCO MERCANTIL FOR IRREGULAR BANKING PRACTICES; BANK REFUSES TO PROVIDE DOCUMENTS

 HOUSTON, Feb. 24 /PRNewswire/ -- Air Routing International Corporation today released the following:
 In probably the first challenge to the newly privatized Mexican banking industry, Air Routing International Corporation today filed a lawsuit against Multibanco Mercantil Probursa, S.A., Mexico City. The suit was filed in Federal District Court in Laredo, Texas.
 The lawsuit charges that Multibanco has intentionally, systematically and repeatedly thwarted Air Routing's attempt to procure documents relating to its own accounts at the bank. Since 1989, Air Routing has deposited over $34 million in the bank.
 On Feb. 8, 1993, Multibanco informed Air Routing that it would take between one and two years to provide documents, such as monthly bank statements and copies of checks, relating to Air Routing's three bank accounts.
 Previously, Air Routing has encountered lengthy and unexplained delays in accomplishing routine bank transactions with Multibanco.
 Air Routing has also discovered documentation allegedly linking one of Multibanco's officers with a competitor of Air Routing.
 Air Routing has uncovered three different official bank statements for one of its accounts, for the same month. These three varying statements reflect different beginning and ending balances and different account entries. Concerns have also been raised by Air Routing as to the validity of certain signatures on co-signed checks.
 "Any prudent business person knows he has a right to obtain bank statements and copies of checks relating to his own account. We have gone through every available channel at the bank and have been told it will take up to two years to obtain our records. That response time is ludicrous! We are determined to do business in Mexico, but this is not the way we planned to do it. Air Routing is being held hostage by Multibanco," said Richard B. Wilkens, executive vice president, Air Routing International Corporation.
 Air Routing International Corporation is a privately held international flight services provider to the corporate and charter operator communities flying international itineraries. Air Routing provides a comprehensive array of crucial aviation-related services to more than 600 clients through a network of more than 650 agents worldwide.
 The request for documents was made by the company as part of an audit which is being conducted by Price Waterhouse.
 "Last week, we filed a complaint with the Secretaria de Hacienda y Credito Publico (the Mexican banking commission) and we are confident that, once it is brought to the attention of the Mexican authorities, they will promptly move to remedy this situation and insure that this does not happen to any person banking in Mexico. We are awaiting their response," said Kenneth E. Broughton, attorney with Haynes and Boone, the law firm representing Air Routing.
 Multibanco Mercantil Probursa was the fastest growing bank under the previous Mexican government-operated banking system. It had the lowest non-performing loan portfolio and was the first institution selected by the government to be privatized.
 -0- 2/24/93
 /NOTE TO EDITORS: Copies of the lawsuit are available. Spokespersons and other experts in the banking field are also available/
 /CONTACT: Barbara Buzzell of Laurey Peat & Assoc., 713-977-1020 (Houston), 214-871-8787 (Dallas), or 214-410-7578 (beeper), for Air Routing/


CO: Air Routing International Corporation; Multibanco Mercantil
 Probursa, S.A. ST: Texas IN: AIR FIN SU:


GK-SH -- NY053 -- 0019 02/24/93 15:17 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 24, 1993
Words:540
Previous Article:GEOFFREY FROST NAMED EXECUTIVE VICE PRESIDENT, MANAGING PARTNER, WORLDWIDE CREATIVE RESOURCES AT FCB INTERNATIONAL
Next Article:HURRICANE ANDREW'S ESTIMATED COST TO PROPERTY INSURERS REVISED TO $15.5 BILLION BY PROPERTY CLAIM SERVICES
Topics:


Related Articles
TSYS SIGNS BANCO CAPITAL, ITS NINETEENTH MEXICAN BANK
Banorte Exonerated in 'Operation Casablanca'; U.S. Dismisses Case Against Banorte and Returns all Seized Funds.
Poor economics prompt foreign banks to leave Bolivia.
HOSPICE OWNER HIT WITH FINE : T.O. WOMAN ONCE CARED FOR TERMINALLY ILL AT HOME.
Bank execs get prison terms.
Mexico's Banorte Bank unit to seek approval for capital increase.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters