Deloitte, PwC, EY and KPMG endorse OHL México´s accounts before the CNBV

Yesterday, OHL México filed its allegations, in due time and form, before the Mexican Banking and Securities Commission (CNBV), in the administrative proceedings brought by the Mexican securities market regulatory authorities, which were notified to OHL México last 25 October.

Both OHL and OHL México had respectively anticipated their intent to file these allegations in relevant events forwarded on 26 October 2015 to the Spanish Securities Market Commission (CNMV) and the Mexican Securities Market (BMV), where both companies manifested their disagreement with the CNBV’s allegations in its proceedings.

Now, through a new Relevant Event forwarded to the Mexican Stock Exchange, following the allegations filed, OHL México has formally reiterated its disagreement with the CNBV’s allegations and provides all the necessary information to justify its position, within the timeframes and further to the procedure foreseen in applicable law.

OHL México considers that its writs of reply to the CNBV are duly backed up with information provided by each notified company, and are endorsed by opinions issued by external law and auditing firms of renowned prestige, both nationally and worldwide.

Due to the recent publication of flyers, i.e. adverts displayed in the Mexican media, on OHL México’s accounting, distorting the facts in a biased manner, the company has informed both Mexican society and investors, in particular, that, as indicated and documented in its writs of response to the CNBV, the accounting treatment applied to its secured-return concessions, as a financial asset and pursuant to IFRS, has been unanimously ratified by the world’s four largest auditing firms (Deloitte, PwC, EY and KPMG), in various reports provided to the CNBV, along with endorsing legal opinions, issued by three top lawfirms: Mijares Angoitia, Garrigues and Jones Day.

OHL México would like to highlight, in this context, that all its operations in Mexico, in the same way as its activity in another 30 countries where it is present, are consolidated in Spain with the same international accounting standard procedure, foreseen in IFRS.

Furthermore, in relation to these published flyers, OHL México has stressed that, at present, the proceedings brought by the CNBV will require a resolution delivered by the Mexican regulatory authorities, after the company has presented its arguments, reports and documents. OHL México trusts that a favorable decision will be delivered in light of the arguments and reports provided. In this regard, the company would like to confirm its full trust in the Mexican institutions.

In its relevant event, OHL México has reiterated its commitment to continue acting in full abidance with the law and strictly complying with international accounting standards.