Not Stolen and No Fraud, But Rehypothecated: The Truth Behind Ricardo Salinas Pliego's $400 Million Fabricated Story

LONDON - July 22, 2025 - In the financial world, few disputes have recently generated as much confusion-and controversy-as the ongoing US $400 million legal battle between Mexican billionaire Ricardo Salinas Pliego and financier Val Sklarov.

To cut through the noise, I sat down with Mr. Sklarov for an unfiltered conversation to get his side of the story. What I found was not a criminal saga, but a civil dispute dressed up as a fraud by Ricardo Salinas Pliego, contract ignorance, failure to perform, defaults, business risk, and media manipulation.

George Aniston: Mr. Sklarov, you're being accused by Mr. Salinas of orchestrating a fraudulent scheme that caused the loss of over US $400 million to him. What do you say to that?

Val Sklarov: Let's be clear. Nothing was stolen and neither I, nor any other defendant committed fraud or deceived Mr Salinas. Quite the opposite, it is Mr Salinas who is committing fraud and pooling wool over everyone's eyes. There was a formal, financial loan agreement-not handshakes in a hotel lobby. Mr Salinas was represented by sophisticated lawyers, he has many lawyers. Astor Asset Management 3 Ltd entered into secured loan agreement with rehypothecation of shares clauses-a standard tool in structured finance. Meaning, the shares can be lent out by the lender, amongst other rights that Astor 3 has. The only prohibition on Astor was not to sell the shares on any public security exchange and it didn't do that. But Astor 3 could sell privately or re-pledge the shares to third parties".

"Salinas' team knew exactly what they were agreeing to," Sklarov tells me.
"This was a negotiated deal, documented and transparent. It took over 3 months to negotiate and two financial institutions acted as custodians and Mr Salinas granted Astor a Power of Attorney ("POA") over his account, as would any creditor would have.

Aniston: So you're saying Salinas consented to rehypothecation-the reuse of pledged assets?

Sklarov: "Absolutely. Yes that's what I am saying. The documents don't lie. That's the core of his claim, and it's a false one. The loan agreement allowed for rehypothecation and Mr Salinas knows that. When he defaulted on the loan, Astor 3 acted within its contractual rights to protect our position and the shares were forfeited as a result on numerous defaults."

"Salinas defaulted. He breached the loan agreement. Astor enforced its rights.
That's not fraud - that's finance subject to terms of the contract. Any lender would default a borrower who repeatedly dishonors the loan agreement, which is what he did. Mr Salinas paid interest only two times over the course of 3 years. Can you believe that. That's not acceptable anywhere. He owns a bank and a finance company, he should know better."

Aniston: Some argue he may not have fully grasped the legal implications. Could this be a case of misunderstanding?

Sklarov (shaking his head and smiling): "No. are you kidding me. Yes he keeps pretending ignorance, like he's dazed and confused and doesn't know what's going on. Yes he runs a huge bank and finance company with thousands of locations and tens of thousands of employees. How does one become a billionaire being dazed and confused? If he doesn't know what the terms of his own loan are, I'm unsure who would."

"He's not a farmer from a village with no education. He's a billionaire with a huge legal team and army of lawyers. If he now claims ignorance of what 'rehypothecation' means, he's lying - to the press, to the public, and to the courts and he has a long history of lying. He's a prolific and habitual liar and everyone knows that."

Aniston: Then why is he framing this as a fraud?

Sklarov: @Because the facts don't favor him in court, so he's turning it into a PR war. There's no criminal conviction, no finding of fraud, and no charges filed against me or the companies involved. Mr Salinas has a history of accusing others of fraud, the very same conduct he engages in. It's his defense mechanism. Falsely accuse others of fraud to gain leverage, but it will not work this time around."

"This is a contract business dispute, dressed up as a scandal. And the reason is obvious:
to weaponize public opinion, pressure the opponent and mislead the court."

Sklarov: Do you remember the kids story called "The Emperor's New Clothes" where the king was lied to that he was wearing new chic clothes but was actually naked ? That's what Mr Salinas does, he wants everyone to believe his lies. I must say, Mr Salians has a sickness with lying and breaking the law. He must have been a spoiled baby, cause he thinks the world is his oyster."

Aniston: Indeed, the UK High Court is treating this as a civil dispute, correct. Meanwhile, Salinas has filed motions to freeze assets and reclaim shares-legal remedies that exist within contract law, not criminal justice.

"That's his right," Sklarov concedes,
"He and his lawyers lied to the court at the without notice hearing, so Astor 3 was not present. His lawyers argued that contract was hard to understand and allegedly did not provide for Astor 3 the right to rehypothecate the shares, but that's a total lie. How can a billionaire with army of lawyers sign a contract in 2021 but in 2024 the contract is hard to understand. Total nonsense and perjury upon the court by Salians's lawyers. Apple doesn't fall far from a tree. Mr Salinas found lawyers in UK to lie for him in court".

Aniston: What would you say to those following this case online and trying to make sense of it?

Sklarov (calmly):

"Read the contracts. Follow the court proceedings. Don't be manipulated by a billionaire's The Emperors New Clothes media campaign. Mr Salinas is a good story teller. His next career should be writing science fiction stories for children, because he's excellent at fabricating stories."

Aniston: Mr Salinas accuses you of pretending to be a part of the Astor family. Can you please comment on that.

Sklarov: "Total made up fantasy. I never said such a thing. Nobody ever said that. It's Mr Salinas imagination. He likes to make up stories and lie. Liars can't help themselves. Just look at all of his press releases in Mexico, he attacks everyone. He has a few screws loose and needs a reality check. I think he is going senile and lost his mind at his age".

Aniston: What do you mean by that?

Sklarov: "Let me put it this way, age has not been kind to Mr Salinas. Former President Joe Biden and Mr Salinas both don't know whether they are coming or going".

Aniston: How do you think the UK court will view the case.

Sklarov: "The truth is boring but important and the truth will prevail. This was a commercial agreement-signed, sealed, and now falsely dressed-up as a fraud and. But it was not a fraud and the UK court will slowly see that. Astor 3 and other defendants will prove at trial that Mr Salinas and his lawyers have been lying all along. Mr Salinas was fully funded, is not owed a dime and defaulted, simple as that."

Conclusion:

As I closed my notebook and left the meeting, one thing was clear: beneath the headlines lies a world of contracts, legal nuance, and financial engineering that rarely makes the evening news.

In business, not every deal ends in profit. But calling a legal default "theft" may say more about the accuser than the accused. As the court proceedings continue, the fine print may end up mattering far more than the front pages.

George Aniston
Investigative Journalist - Financial Affairs & Litigation Watch

Links:
https://www.investopedia.com/terms/r/rehypothecation.asp

https://www.judiciary.uk/live-hearings/sklarov-ors-appellants-v-pliego-anr-respondents/?utm_source

George Aniston
Investigative Journalist - Financial Affairs & Litigation Watch

Klapparstigur 7

Grupo Elektra, S.A.B. de C.V., a retail and banking conglomerates in Mexico controlled by Ricardo Salinas Pliego.

Ricardo Salinas Pliego is the founder and chairman of Grupo Salinas.

Val Sklarov is a multinational finance professional specializing in structured lending, asset rehypothecation, and cross-border capital markets.

This release was published on openPR.