An Agreed Upon Loan or a Misunderstood Deal? - Val Sklarov Offers Clarification in $400 Million Legal Dispute

A complex cross-border legal dispute continues to unfold between financier Val Sklarov and Mexican businessman Ricardo Salinas Pliego, centering on a $400 million financial arrangement involving rehypothecated shares of Grupo Elektra.

While public reports have characterized the transaction in sharply differing terms, Sklarov maintains that the arrangement was a hybrid commercial loan governed by rehypothecation provisions, reviewed by legal counsel, and formalized through detailed documentation.

"This was a structured, transparent transaction - professionally documented, reviewed by counsel, and executed by both parties," Sklarov stated in an interview.

The Financial Arrangement:

According to Mr. Sklarov, the loan was facilitated through Astor Asset Management 3 Ltd, a special purpose vehicle (SPV) established specifically for this transaction. He asserts that the formation of the entity followed requests and discussions with representatives of Mr. Salinas.

"Astor 3 was especially formed at the request of Mr Salinas advisors, because he desired a Canadian SPV. All documentation was reviewed and exchanged during a three-month negotiation period," Sklarov explained.

As outlined in the contractual materials, the agreement included a rehypothecation clause, which allowed for the reuse or re-lending of the pledged shares as part of liquidity operations - a common structure in institutional finance. In addition to express authorization within the loan contract, Mr Salinas representatives were informed of rehypothecation of shares and provided approval.

Performance Dispute and Contractual Enforcement:

Mr. Sklarov alleges that only two interest payments were made over a span of three years, despite contractual obligations for regular fixed-rate payments. These matters are currently under review in civil proceedings before the UK Commercial Court.

"Our position is that standard enforcement rights were triggered by non-performance, and we are now seeking declaratory relief to clarify and uphold those terms," Sklarov's legal representative noted.

Mr. Sklarov has stated that, to his knowledge, there have been no criminal investigations or charges filed in relation to the transaction. He describes the matter as a civil dispute regarding performance under a loan agreement dressed up as deceit.

Documentation and Oversight:

Sklarov's legal filings point to the involvement of regulated custodians, a formal power of attorney, and provisions limiting early repayment as part of the loan structure.

"The agreement was comprehensive. It included a lock-up clause and clearly defined rights and obligations. Trading activity and rehypothecation were disclosed and consented to in writing," said a spokesperson for Mr. Sklarov.

Addressing confusion over the entity's name, Sklarov clarified that no representations were made connecting Astor Asset Management 3 Ltd to any historic family lineage.

"There are thousands of entities globally using the name 'Astor.' No affiliation was ever claimed or implied," he stated.

Looking Ahead:

Sklarov emphasized that resolution of the matter is being pursued through proper legal channels.

"This is a legal question about contract enforcement - not a media spectacle," he said. "We believe the facts and documentation will speak for themselves."

He also underscored the broader significance of the case:

"The enforceability of structured financial agreements is essential to maintaining trust in global capital markets. It's rather unfortunate that some people do not follow contracts," Sklarov concluded.

By George Aniston, Financial Affairs & Legal Correspondent

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

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

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Charlie Warming

Val Sklarov is an international financier with experience in cross-border structured finance, SPV-backed arrangements, and liquidity solutions involving regulated custodians. He advocates for clarity and transparency in global financial structures.

This release was published on openPR.