Enrique Molina Sobrino

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Enrique Molina Sobrino became very wealthy by creating the biggest Pepsi bottling group in Mexico, named Gemex^[1]. He also created an empire in the production of sugar. In 2002 he sold Pepsi Group in Mexico^[2] to The Pepsi Bottling Group, the largest Pepsi bottler in the world partially owned by Pepsi, for 1.5 billion dollars. But in 2003 Francisco Gil the Mexican Secretary of Treasury sued him for fraud: allegedly Molina faked sugar exports to cash government subsides aimed at promoting sugar exports^[3], this made him escape to Scottsdale, Arizona where he currently lives.

Molina also was part owner of Grupo Financiero Banamex when it was privatized by the Salinas administration^[4]. Banamex is now owned by Citibank.

[edit] References

1. ^ Pepsico in Mexico, Anatomy of an Affiliate’s Exposure, Thunderbird Graduate School
2. ^ SEC Filing
3. ^ Beverage Digest, Mexican Soft Drink Bottlers Move Toward HFCS Use In 1997 12/13/96
4. ^ Wired, Friends and Family, Mexican Style, By Joel Simon, Oct 1995