25 million recovered at ‘Los Pinos’ auction’

On Sunday, 16th of August the so-called “Institute to return what was stolen to the People” (Instituto para devolver al pueblo lo robado: INDEP) managed to collect more than $25 million pesos, despite the crisis caused by the pandemic by the COVID-19 also affected the auctions held by the agency.

The Institute to Give Back to the People the Stolen (Instituto para devolver al pueblo lo robado: INDEP) is a decentralized public body of the Ministry of Finance and Public Credit (SHCP) of the Mexican government created in 2018.

In the event that took place in the cultural complex of Los Pinos, the Independent sold 223 lots out of the 305 available, thus obtaining $25,200,000.00 pesos.

Resources obtained will be allocated to the municipality of Temozon, Yucatan.

During the auction, Jaime Cardenas Gracia, director of Indep, acknowledged that the economic crisis resulting from the Covid-19 pandemic affected the placement of the goods auctioned by the federal government.

A fortnight ago, in the fourth auction, the INDEP managed to sell only half of the lots and did not reach the point of profit, which was estimated at 50 million pesos as it only achieved $14 million.

Cardenas Gracia explained that the INDEP has decided not to bid more lots because it is known that it will not be possible to sell them because people do not have the resources right now.