Cemento Cruz Azul asserts control of CYCNA cement plants in Puebla and Aguascalientes

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Mexico: The board of directors of Cemento Cruz Azul has asserted legal control of its Cementos y Concretos Nacionales (CYCNA) subsidiary cement plants in Puebla and Aguascalientes following accusations of ‘looting’ by partners in the company. In a video statement José Antonio Marín, president of the board of directors, said that the move would give the producer greater control over its operations since all cement would be registered in an internal audit programme, according to the Milenio newspaper. He alleged that some partners of the company had sold cement manufactured at the units independently.

José Antonio Cárdenas has been appointed manager of the CYCNA plants to replace Benito Rodríguez Fayad. Fayad allegedly had links to Cruz Azul’s former director Guillermo ‘Billy’ Álvarez, a former director of the company who is currently being investigated by law enforcement for links to organised crime and money laundering.

URL: https://www.globalcement.com/news/item/11406-cemento-cruz-azul-asserts-control-of-cycna-cement-plants-in-puebla-and-aguascalientes

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