Mexico to probe pension fund’s losing investment in indebted builder
Mexican federal auditors are investigating an investment made by the country’s state workers’ pension fund, after Reuters reported it spent millions of dollars on shares in a company spiraling toward bankruptcy.
PensionIssste plowed more than $20 million into construction company ICA (ICA.MX) and became the largest shareholder just before ICA suspended debt payments, Reuters reported this month. The fund is set to lose most of its investment in a restructuring.
The story sparked outrage in a country where corruption has become a major theme in the July 1 presidential election. It has provoked calls for further investigations by the head of the lower house social security committee.
Read More: Reuters
