Mexican state pension fund spent millions on failing builder – sources
Mexico’s state workers’ pension fund plowed more than $20 million into ICA (ICA.MX) and became the largest shareholder as the builder spiraled toward insolvency, according to people familiar with the matter, with the fund’s investment set to be wiped out in a restructuring.
PensionIssste, which manages about 195 billion pesos ($10.5 billion) of mostly government workers’ retirement money, became the largest shareholder in ICA, with a stake of almost 10 percent, said three people with knowledge of the investment who spoke on condition of anonymity.
Many details of the transaction are not publicly available and none of the parties involved were willing to comment.
Read More: Reuters