Grupo Mexicano de Desarrollo loses Supreme Court challenge over tax debt

The Supreme Court of Justice of the Nation (SCJN) has dismissed an injunction filed by Grupo Mexicano de Desarrollo (GMD)—controlled by the Ballesteros family and Grupo Bursátil Mexicano (GBM)—regarding a tax debt.

The ruling confirms a previous decision by a collegiate tribunal, upholding a 916.3 million peso tax debt dating back to 2013. This decision follows a resolution from the Federal Court of Administrative Justice related to tax credits claimed by the Tax Administration Service (SAT).

GMD issued a statement to the Mexican Stock Exchange (BMV) noting that the company will take the necessary steps to settle the debt along with applicable interest. The construction firm, founded in 1945, remains involved in other legal matters, including a separate tax debt of 3.758 billion pesos related to the Aguakan water concession in Quintana Roo.