The Comisión Nacional del Mercado de Valores' records are a shambles. Information sent to them by Sacyr, Pemex and Credit Agricole during the past few days will give them legal recourse to investigate the petroleum company, considering that it has produced a constant coming and going of shares in its documentation, which is riddled with errors.
Small shareholders have already submitted an investigation request to the regulator.
Pemex, a Mexican petroleum company, seems unclear about its involvement with Repsol between August 29 and September 6. Or, given the sound of the communication they send to the Comisión Nacional del Mercado de Valores, they do not want to explain exactly what happened.
On September 2, Pemex initially reported that Sacyr and Pemex owned 24.88% of Repsol on August 29, a date that a shareholder announcement was made. Four days later, both companies expanded on the information they provided to the CNMV and stumbled into their first contradiction. Pemex stated that it had increased its ownership by 5% on the day of the agreement, which means that information that they mentioned in the first announcement was not accurate. On that date Pemex controlled more than 25% and not the stated 24.884%.
What is even more confusing, Pemex told the CNMV on September 6 that it had surpassed the 25% mark on September 2, not August 29 as was reported in the second communication.
