Ernst Young concludes that OHL Mexico has operated properly for Viaducto Bicentenario concession

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Ernst Young concludes that OHL  Mexico has operated properly for Viaducto Bicentenario concession

Ernst & Young, the consulting firm hired in the midst of the investigation in Mexico initiated by OHL's Board of Directors' Audit, Compliance and Corporate Social Responsibility Committee, has finalized its report.

According to the report, OHL's Mexican affiliate, OHL Mexico, S.A.B. de C.V., has complied properly and fully with the terms and conditions of the concession title for Viaducto Elevado Bicentenario of Mexico.

The investigation was based on taped alleged phone conversations. The conversations, that supposedly involve senior OHL Mexico executives, appeared to show wrongdoing in connection with a 30 % hike in the toll to use the Viaducto Bicentenario.

After the accusation, on 7 May, the Mexican Stock Exchange temporarily suspended the trading of OHL Mexico's shares due to the volatility in the trading of the company's shares that resulted from the accusation.

Later Mexico State Governor, Eruviel Ávila, accepted the resignation of the communications secretary of the central state of Mexico. Pablo Wallentin, an OHL Mexico executive, also resigned after being implicated in the scandal.

On May 20th OHL Mexicco launched an audit to verify that the operations carried out for construction and operation of the project, as well as their modifications, have complied with the applicable legislation.

The firm has also hired KPMG Cárdenas Dosal, S.C., Jones Day México S.C. and FTI Consulting, Inc.

 

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