The reason? An alleged debt tied to a long-running dispute with AT&T.
$25 million dollars may seem like a respectable amount to you and me, but that’s – what? – 0.33% of Salinas’ reported $7.5 billion fortune
No jail time, thank you very much
Ricardo Salinas, one of Mexico’s wealthiest businessmen with an estimated fortune of $7.5 billion, has been ordered by a New York court to settle a dispute with AT&T or face jail time. AT&T purchased Salinas’ Mexican telecom business in 2014, later suing in 2020 over what it described as unpaid taxes from before the acquisition.
Salinas’ companies challenged the claim but lost, and after continued refusal to pay, the court escalated the case.
New York State Supreme Court Judge Andrea Masley ruled Salinas personally in contempt, giving him two weeks to pay AT&T $20 million or risk incarceration at Rikers Island. The ruling also extended to Francisco Borrego, the general counsel of Salinas’ businesses. Just before the deadline, Salinas and his companies posted a $25 million bond and simultaneously filed an appeal.Grupo Salinas responded by saying it was troubled that the court would hold its executives in contempt despite not being direct parties in the proceedings:.
We are deeply troubled that a court in New York would hold highly respected foreign nationals — who have not been parties to the proceedings — in contempt, and do so without due process. Naturally, we are appealing the court’s decision.
– Grupo Salinas said in a statement, September 2025.
There’s more
The dispute with AT&T comes on top of existing battles Salinas faces at home. Mexican President Claudia Sheinbaum has repeatedly accused the billionaire and his companies of owing billions in unpaid taxes, accusations he denies. At the same time, bondholders in his media company TV Azteca are pressuring for repayment, with Grupo Salinas recently signaling openness to debt restructuring talks.Salinas’ vast business empire — spanning electronics retailer Elektra, Banco Azteca, and TV Azteca — is being squeezed on multiple fronts.
Salinas’ $25 million bond may stave off immediate arrest, but I think AT&T will get its money at the end of the day.
“Iconic Phones” is coming this Fall!
Rediscover some of the most unique and memorable phones of the last two decades! “Iconic Phones” is a beautifully illustrated book that we’ve been working on for over a year – and it’s coming out in just a couple short month!
