MEXICO, November 25, 2009.- The penalization impose by CNBV to Controladora Comercial Mexicana in derivate instruments has generate controversy in stock market. Some specialists in stock market law consider that authority is over reacting, others believed that is a symbolic penalization.

Last Monday, the company discloses that was notified by CNBV about the resolution of its investigation about register and disclosure of operations to stock market. The impose penalization include administrative sanctions to the company and for two employees.

CNBV establish that neither issuing bank nor employees act with bad faith, because of this only impose administrative sanctions related to derivate instruments. The company pays a fine of 39.2 millions pesos, after been apply a 20% discount of advance pay.

As well, Francisco Martinez de la Vega Quiroz will not be Administration and Finances Director for the next two years.

“Penalization was necessary and I consider that CNBV was short in the punishment because breaking derivative instruments was over USD 2,000 million dollars, as well as the negative effect in retail shareholders. The stock goes from 20 pesos to cents after postpone its price in October 2008”.

“The company never provides details of the operations of derivative instruments, we first heard of the annual reports, but there were not actualize information, that was responsibility of the administration. The argument of not bad faith could be question”, said an anonymous source.

In an opposite side, some other specialist said that CNBV was over reacting. “If there is not bad faith as CNBV establish, why fine Comerci with 39.2 million pesos, it’s a really high fine for an operation of this kind. Probably authority has been pressure by media for giving a penalization”, said an expert interview by El Semanario that ask for not been disclose.

The source also considers that the company makes a bad business decision, but not an illegal one.

Even when, El Semanario Agencia has been seeking executives of CNBV for more details about the penalization, they have not been available.

Comerci is a controller company in retail sector. The company operates 231 retail stores across Mexico, under its brands: Comercial Mexicana, Mega, Costco, Bodega Comercial Mexicana, Sumesa, City Market and Fresko.

The company owns 50% of the US Company Costco and operates 74 restaurants chain under the name California and Beer Factory. (El semanario Agencia ESA)