OHL México, S.A.B. de C.V. (“OHL México” or “the Company”) informs that as per the press release issued on October 25, 2015, where the Company informed the investment public regarding certain administrative proceedings initiated by the Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or the “CNBV”), that as of this date we have filed, in time and manner, the correspondent response writs in the proceedings.
As discussed previously, the Company, now formally, has expressed its disagreement with the allegations made during the administrative proceedings and has provided all of the necessary information in order to establish its position, within the time frames and in accordance with the applicable legal guidelines.
The Company considers that the written responses are duly supported with the information
provided by each of the companies that were notified and supported with opinions of external legal counsel as well as reputable auditors of national and international recognition.
In this sense, given the recent press releases in the media related to the accounting of the
Company, in which the facts are intentionally misleading, the Company wishes to inform to the public, that as indicated and supported in its response to the CNBV, the accounting treatment followed by OHL México for its concessions with a guaranteed rate of return is as a financial asset in accordance to the IFRS, which has been confirmed by the four most prominent audit firms worldwide (i.e. Deloitte, PwC, EY and KPMG) by their corresponding opinions that have been provided to the CNBV together with the legal opinions that support them, that have been issued by three prominent law firms (Mijares Angoitia, Garrigues and
Jones Day).
Also, in connection with the press releases, the Company wishes to clarify that the current
proceeding initiated by the CNBV is an ongoing proceeding, in which following the Company’s arguments, opinions and supporting evidence, the CNBV will issue its ruling, ruling that the Company is confident that will be favorable to its interests, given the arguments, opinions and evidence rendered thereunder. Notwithstanding the aforesaid, the Company cannot assure the sense in which the CNBV will issue its ruling.
OHL México reiterates its commitment in conducting itself in accordance with the law, and
in compliance with international accounting principles, and expresses its absolute confidence in the Mexican authorities.
