Val Sklarov Sets the Record Straight on the Astor Loan with Ricardo Salinas
Michimich.com/10306799

LONDON - Michimich -- NEW YORK — In recent weeks, Ricardo Salinas Pliego has made a series of public claims about his July 28, 2021 loan agreement with Astor Asset Management 3 Ltd ("Astor 3").

Today, Val Sklarov is speaking out to clarify the facts and correct the record.

Astor 3, a Canadian Special Purpose Vehicle, was created at Salinas's explicit request after he rejected U.S. and St. Kitts structures for tax and jurisdiction reasons. Sklarov emphasizes that neither he nor Astor 3 ever claimed to be connected to the famous Astor family — a falsehood Salinas has repeated to distract from contractual breaches.

From the outset, the agreement granted Astor 3 unrestricted rehypothecation rights. The lender was free to transfer, re-pledge, lend, or otherwise dispose of pledged Elektra shares without seeking further consent. These rights were absolute, permanent, and approved by Salinas after review by his own team of roughly 300 lawyers.

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Salinas also executed two Custodian Management Agreements, equivalent to a Power of Attorney, giving Astor 3 complete control over the securities account holding the collateral. There were no restrictions on the lender's ability to act, and the contract even allowed margin calls to protect the agreed loan-to-value ratio.

Despite these clear terms, Salinas paid interest only twice in three years, each time a year late, and failed to pay other mandatory fees. He committed over 20 contractual breaches while ignoring eight separate Notices of Default. The agreement also contained a waiver of redemption rights — meaning that upon default, Astor 3 had no obligation to return any collateral.

Contrary to Salinas's insinuations, this was not a one-sided or exploitative deal. Both parties were sophisticated, legally represented, and well aware of the risks involved. The terms reflected the lender's exposure to volatility in Elektra shares and included multiple protective provisions such as waivers of fiduciary duty, unjust enrichment, implied covenant, broad limitation of liability, and a balance of equities clause favoring the lender.

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Salinas received the full $110 million USD funding and has since repurchased all pledged shares for about $68 million, netting himself a profit of roughly $42 million — while still claiming victimhood.

Finally, Sklarov notes that he has never met or spoken to Salinas. Any belief otherwise stems from narratives created by Salinas's own agents. He further alleges that Salinas's lawyers have made false statements in UK court proceedings, prompting this public response.

Val Sklarov's Closing Statement:

"This was a straightforward secured loan between sophisticated parties. Mr. Salinas got the liquidity he wanted on the terms he agreed to. We performed exactly as contracted. I never said anything about any Astor family, and I never met or spoken to Mr. Salinas. Any claim otherwise is fiction."