• Andres Chocron

Tecnoglass TGLS Cocaine Cartel & Fraud? Hindenburg Research

Hinderburg Research on Tecnoglass: Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities

Today we're going to take a look at the latest from Hindenburg research. Their report on Tecnoglass (TGLS) has taken over 30% of their market cap.

The accusations go from drug cartel connections to fraud.

Based on: https://hindenburgresearch.com/tecnoglass/


Tecnoglass price after report



Tecnoglass report highlights

  • Tecnoglass is a Colombia-based producer of glass for residential and commercial buildings founded in 1984 by two brothers, Jose Daes and Christian Daes, who currently both serve as directors and CEO & COO, respectively.

  • In 1996, U.S. criminal prosecutors filed charges against Jose and Christian Daes, the current CEO & COO of Tecnoglass, alleging the two served as “managers and operators” of the Cali cartel, helping smuggle weapons and more than 200 tons of cocaine, and laundered money. Warrants were issued for CEO Jose Daes’ arrest and he was declared a fugitive.

  • In 2004, Tecnoglass’ current CEO Jose Daes was shot in the head and neck during a botched assassination attempt, later attributed to a right-wing paramilitary warlord who believed Daes was taking too many corrupt contracts from the local mayor.

  • In December 2013, Tecnoglass went public via a SPAC, cycling through 3 auditors within roughly a 1-year span. Auditors specifically flagged material weaknesses relating to identification and reconciliation of related party transactions.

And much more.


Some of the articles I use:

  1. Yahoo finance article 3 days before report: https://finance.yahoo.com/news/heres-why-tecnoglass-tgls-great-170005591.html

  2. Tecnoglass answer to report: https://investors.tecnoglass.com/news-releases/news-release-details/tecnoglass-provides-business-update-and-increases-full-year-2021

  3. Founder of Hindenburg Research: https://www.ft.com/content/15bcb54f-311e-4c54-bc65-bfa3360f0b3f

  4. Article in Spanish on Tecnoglass: https://www.infobae.com/america/colombia/2021/08/06/la-historia-desconocida-de-christian-daes-el-empresario-costeno-que-cumple-suenos-desde-barranquilla/

  5. Christian Daes response to Hindenburg report: https://www.infobae.com/america/colombia/2021/12/09/christian-daes-reacciona-a-investigacion-que-relaciona-a-tecnoglass-con-narcotrafico/

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