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Investing.com -- Tecnoglass (NYSE:TGLS) stock tumbled 8.5% Thursday morning following a short report from Culper Research alleging the company’s CEO and COO have ties to the Sinaloa cartel in Colombia.
The report claims that leaked Mexican intelligence memos name Tecnoglass executives Jose and Christian Daes as participants in illicit financing schemes involving the cartel. Culper Research alleges that the Sinaloa cartel built "a financial apparatus to mobilize the proceeds of their criminal activities" via Banco Serfinanza, an institution to which several Tecnoglass board members allegedly have connections.
Culper also raised concerns about Tecnoglass’s financial practices, claiming the company made payments to a shell company that had already been dissolved. The short seller further questioned the independence of Tecnoglass’s board members, suggesting at least three "independent" directors have ties to Serfinanza that predate their involvement with Tecnoglass.
The report comes as the Daes brothers have sold $345 million in company stock over the past nine months, including $118 million just days ago, according to Culper. The short seller also highlighted that Tecnoglass’s non-executive chairman sold his entire stake in November 2024 before resigning a month and a half later.
Culper Research further claimed that while Tecnoglass touts growth outside Florida, approximately 85% of its business remains concentrated in the state, where the construction market is reportedly weakening.
This marks the second major short report targeting Tecnoglass in recent years, following Hindenburg Research’s December 2021 report that alleged historical ties to the Cali cartel and questionable related-party transactions.