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GGD-93-53R 1 (1993-07-02)

handle is hein.gao/gaobackiv0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 General Government Division B-253843 July 2, 1993 149512 The Honorable Donald W. Riegle The Honorable Kent Conrad The Honorable Thomas A. Daschle The Honorable Carl M. Levin The Honorable Howard M. Metzenbaum The Honorable Ernest F. Hollings The Honorable Harris Wofford United States Senate This letter responds to your request that we provide information on the Mexican government's involvement in the Amerimex Maquiladora Fund (AMF) and the extent of this fund's and other funds' efforts to buy U.S. companies and move them to Mexico. More specifically, you asked us to discuss (1) the Mexican government's involvement in U.S. investment funds, including AMF, that acquire an interest in U.S. companies; (2) the activities of AMF; (3) an additional U.S. investment fund that acquired an interest in U.S. companies that were prospects for moving to Mexico; and (4) other investors that have acquired an interest in U.S. companies that were prospects for moving to Mexico. APPROACH We obtained information for this letter from a number of U.S. and Mexican sources. To determine the Mexican government's involvement in funds, including AMF, that purchase shares of U.S. companies, we conducted an extensive literature search. In addition, we interviewed appropriate officials from the U.S. Departments of State, Commerce, and the Treasury, the U.S. Trade Representative, the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), and the Mexican embassy in Washington, D.C. In Mexico, we obtained information from appropriate representatives of the Mexican Secretariat for Trade and Industrial Development (SECOFI), the Foreign Trade Bank of Mexico (Bancomext), and Nacional Financiera, S.N.C. GAO/GGD-93-53R International Investment

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