HXTI, SA de CV and Chedraui-related companies: What’s the connection?

On December 20, 2017, two executive insiders of companies connected to the Chedrauis— Joaquin Gonzalez Gutierrez and Luis Manuel Arcos Herrera— became authorized representatives for HXTI SA de CV, a paycheck loan company. In early 2012, HXTI was owned by three people:

  • Carlos Alberto Raphael de la Madrid (96%), nephew of former president Miguel de la Madrid Hurtado,
  • Sergio Chedraui Eguia (2%), who died in June 2012, and
  • Augustin Fernando Vargas Manriquez (2%).

There was no more recent shareholding information available in the Mexico City company registry for HXTI when ChedrauiLeaks checked in late 2018.

In November 2019, teachers’ union members temporarily shut down a Chedraui supermarket in Oaxaca and accused HXTI and other lenders of cheating them, according to outlets Expresión Informativa, ADN Sureste and e-Consulta Oaxaca.

Joaquin Gonzalez Gutierrez

Joaquin Gonzalez Gutierrez has held important titles at several Chedraui family entities, including the Chedraui Obeso family’s financial services company, Factoring Corporativo, and two subsidiaries of Cubo Capital, which is controlled by members of the Chedraui family. At Factoring Corporativo, Gonzalez Gutierrez was the Deputy Managing Director as of September 30, 2019.

Aetus SAPI de CV and Bankaya SAPI de CV are two Cubo Capital subsidiaries where Gonzalez Gutierrez held key positions. He was the managing director at Aetus at the company’s founding in 2015. Cubo Capital founded Aetus as its 99.99% owner. At Bankaya, Gonzalez Gutierrez was a founding member of the Board of Directors in October 2019. Cubo Capital co-founded Bankaya with 47.5% ownership.

Luis Manuel Arcos Herrera

In November 2017, Luis Manuel Arcos Herrera became Treasurer and Director of Financial Planning for Consubanco, a subsidiary of Grupo Consupago. Members of the Chedraui family through Cubo Capital are raising their ownership stake in Grupo Consupago from 49.49% to 98.79%, as of November 22, 2019 when the deal was announced by Consubanco.