Cooperativa Cruz Azul councils take control of Oaxaca plant

Cooperativa Cruz Azul councils take control of Oaxaca plant
05 January 2021

The administration and surveillance councils of Mexico’s Cooperativa Cruz Azul have reportedly taken back operational and administrative control of the company’s cement plant in Lagunas, Oaxaca, according to Reporte Indigo. The councils are headed by José Antonio Marín and Víctor Manuel Velásquez. However, other partners have indicated that the recent takeover of the plant will be legally fought.

In October last year, an attempt was made to execute a judicial order to retake the facilities, but the councils were received by a shock group, with events resulting in the death of a partner. The event is still being investigated by the Oaxaca Prosecutor's Office to determine responsibility.

Cruz Azul's leadership remains divided following reports of the theft of 10,000t of cement that surfaced at the end of May last year, with the former director of Cooperativa Cruz Azul, Guillermo 'Billy' Álvarez, allegedly diverting more than MXN1bn to companies abroad.

Published under Cement News