Tuesday, April 22, 2025

Tax agency puts embargo on property belonging to owner of Interjet

As airlines across the world suffer due to coronavirus travel restrictions, Mexico’s low-cost carrier Interjet may not survive the pandemic.

Aircraft owners have repossessed at least 27 leased planes from Interjet’s fleet, already grounded since the airline stopped flying internationally at the end of March. 

The company was dealt a further blow April 17 when Mexico’s tax agency placed a notice of impending embargo on the Mexico City residence of Miguel Alemán Velasco, father of Interjet president Miguel Alemán Magnani.

Interjet was already in the midst of restructuring before the pandemic hit, and struggling with an unhealthy debt to profit ratio. The government’s embargo indicates grave concerns about the company’s solvency.

Founded in 2005, Interjet had been Mexico’s third-largest airline, operating budget flights throughout Mexico and the Americas. The company’s president is the son of a former governor of Veracruz and grandson of former Mexican president Miguel Alemán Valdés, who amassed a fortune as an early investor in Televisa. In 2017 Forbes estimated Alemán Velasco’s net worth to be US $2.5 billion, calling him one of the 15 richest men in Mexico. 

Last August the Mexican tax agency ordered Interjet to pay off some US $27 million in back taxes, although the company negotiated a settlement in court requiring that it pay 10% of net profits each month in order to chip away at the debt. At that time, Bloomberg reported that Interjet’s chief financial officer declared in a court filing that losses accumulated between 2013 and 2018  “can be interpreted as the airline’s technical bankruptcy.” 

The embattled company later denied that statement, arguing that “bankruptcy can only be declared by court order, and cannot be self-imposed by the debtor or any other entity. It’s a legal process through which the insolvency of a company has to be proved. This is not the case of the current situation of Interjet because the company continues paying its debts.” 

Not so any longer, according to tax authorities looking to seize the airline’s founder’s personal property, which in addition to the home includes a limousine, library and a replica of the presidential chair his father once sat on during very different times.

Source: Bloomberg (en), Milenio (sp)

CORRECTION: Interjet president Miguel Alemán is the son of a former governor of Veracruz and the grandson of former Mexican president Miguel Alemán Valdés. Incorrect information appeared in the earlier version of this story. We regret the error.

Have something to say? Paid Subscribers get all access to make & read comments.
Confiscated cocaine packages in rows on Mexican navy dock

Navy seizes 4 tonnes of cocaine off Guerrero coast

0
The latest seizure brings the total amount of cocaine confiscated since President Claudia Sheinbaum took office on Oct. 1, 2024, to 36 tonnes.
President Sheinbaum at a podium in front of screen honoring the life of Pope Francis

Mexico’s interior minister to attend pope’s funeral in Rome on Saturday

0
One day after the death of Pope Francis, President Claudia Sheinbaum and top officials joined global leaders in honoring the pontiff's legacy.
Kristi Noem in an anti-immigration ad from the U.S. government

Sheinbaum moves to ban foreign government propaganda after US anti-immigration ad airs on Mexican TV

41
A hostile video message narrated by U.S. Homeland Security Secretary Kristi Noem is widely seen as discriminatory, and according to the president, in violation of the Mexican Constitution.