Most Talked-About Controversies Linked to David Martínez (businessman)

A closer look at the most debated and controversial moments involving David Martínez (businessman).

David Martínez Guzmán is a Mexican investor and the founder and managing partner of Fintech Advisory, a firm specializing in corporate and sovereign debt. With offices in London and New York City, Martínez divides his time between these two locations, focusing on investment strategies and financial management. He is primarily known for his work in the financial sector, particularly in areas related to debt and investment advisory services.

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Full Timeline Career & Achievements Controversies & Scandals

2001: Argentina's Debt Default

Following Argentina's 2001 debt default, the regimes of Néstor Kirchner and Christina Kirchner Fernandez have rejected every tenet of global finance, which lead to long term repercussions for the country.

2005: Extension of Broadcast Licenses

In 2005, President Kirchner signed a decree extending broadcast licenses by 10 years.

November 2006: Reported Purchase of Pollock Painting

On November 1, 2006, it was reported that David Martínez set a record for the highest price paid for a piece of art with the purchase of a Jackson Pollock painting "No. 5, 1948" from David Geffen for US$140 million (£73m). However, this was later denied.

December 7, 2007: Approval of Cablevisión Merger

On December 7, 2007, three days before leaving office, President Néstor Kirchner signed a decree permitting the merger of Clarin and David Martínez's Cablevisión.

May 2010: Rothko Painting Auction and Lawsuit

In May 2010, David Martínez was identified as the seller of Mark Rothko's "Untitled (1961)" at Sotheby's, which led to a lawsuit against him by Dallas art collector Marguerite Hoffman, who claimed breach of contract. The painting was auctioned for $31.4 million.

October 11, 2012: New York Times Report on Vitro Bankruptcy

On October 11, 2012, The New York Times reported on David Martínez's involvement in the bankruptcy of Vitro, a Mexican glassmaking firm, amid allegations of misconduct.

October 2012: Report on Pollock Work Hanging in NY Apartment

In October 2012, The New York Times reported that despite denials, "several people with knowledge of" David Martínez's collection stated that the Jackson Pollock painting "No. 5, 1948" hangs in his New York apartment.

2012: Lawsuit by Elliott Associates and Other Hedge Funds

In 2012, Elliott Associates, led by Paul Singer, and other hedge funds sued Vitro and Fintech in the U.S., claiming that David Martínez had helped Vitro "muscle investors out of hundreds of millions of dollars through financial sleight of hand."

2014: Ownership Stake in Cablevisión

As of 2014, David Martínez held 40 percent of Cablevisión, despite concerns about the legality of owning major stakes in both Telecom Argentina and Cablevisión under Argentinian law.

March 2017: Loan to Venezuela and US Treasury Investigation

In March 2017, David Martinez's FinTech Advisory provided a $300 million loan to Venezuela, secured by bonds with a face value of $1.3 billion. This led to a U.S. Treasury Department investigation into Martínez and consideration of potential sanctions.

December 2018: Offer from Venezuelan officials

In December 2018, Venezuelan officials reportedly offered David Martínez bonds in exchange for participation in the state-owned electricity company Corpolec. The amount of Venezuelan debt held by Martínez was estimated between $3 billion and $10 billion. Opposition politicians warned that Martínez's activities were "oxygenating" the Maduro government.

2018: Contact with Latin American Economists

In 2018, David Martinez contacted Latin American economists, including former finance ministers under Ecuadorian President Rafael Correa, Patricio Rivera and Fausto Herrera, to advise Maduro's government prior to Venezuela's currency reconversion on August 20. Martínez has denied these links.