Tecnoglass (NYSE:TGLS) fell 8.5% Thursday following a report from Culper Research claiming that the company’s CEO and COO have links to Colombia’s Sinaloa cartel.
The report asserts that leaked Mexican intelligence documents identify Jose and Christian Daes as involved in financial schemes tied to the cartel. Culper Research also alleges that the cartel used Banco Serfinanza—an institution connected to several Tecnoglass board members—to move illicit funds.
Culper questioned the company’s financial integrity, claiming Tecnoglass made payments to a dissolved shell company and raising concerns about the independence of its board, suggesting that at least three directors have pre-existing ties to Serfinanza.
The short report highlighted recent insider stock sales, noting that the Daes brothers sold $345 million in shares over nine months, including $118 million just days ago. Additionally, the company’s non-executive chairman sold his entire stake in November 2024 and resigned shortly after.
Culper further stated that despite Tecnoglass promoting growth outside Florida, roughly 85% of its business remains in the state, where the construction market is reportedly weakening.
This is the second significant short report targeting Tecnoglass in recent years. In December 2021, Hindenburg Research published allegations of historical links to the Cali cartel and questionable related-party transactions.
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