International Secret Meeting Of Latin American Billionaires Kerry A. Dolan, 05.23.03, 11:20 AM ET
SAN FRANCISCO - Maybe a cabal of billionaires really does secretly run the world after all. Beginning last night, some 30 of Latin America's biggest businessmen--many with their sons or nephews in tow--convened in Mexico City for a three-day gabfest hosted by Carlos Slim Helú, Latin America's richest man. Among the guest list are eight members of Forbes' billionaires list and nine former members of the list, according to a preliminary program scheduled obtained by Forbes.com.
Carlos Slim, worth $7.4 billion, built his fortune through the ownership of Teléfonos de Mexico (nyse: TMX - news - people ), known as Telmex, the country's largest phone company, and a handful of industrial, financial and retail companies. According to one participant, Slim is footing the bill for the whole event, which includes a trip in private planes to the Mexican coastal resort town of Ixtapa on Saturday afternoon. The purpose of the gathering, officially dubbed "Latin American Businessmen: An Encounter Between Fathers And Sons," is for these business leaders to get to know each other, said one participant, who requested anonymity.
So what do rich businessmen talk about? Their own businesses, mostly. Panels topics are fairly predictable, ranging from Latin America-supported development proposals, business stories and experiences, and challenges for Latin America. But the talk isn't all business. According to the preliminary program, there's a lecture on Mexican pre-Hispanic civilizations and a talk by Slim himself on the restoration of Mexico City's historical center--for which Slim has been reportedly footing the bill. Slim's office did not return requests for comment.
In Ixtapa, activities start with a boat trip along the coast and a morning of golf, tennis and beach time followed by lunch at Slim's home. The program notes that a mobile phone will be assigned to each participant, courtesy of America Movil (nyse: AMX - news - people ), a wireless-phone company controlled by Slim.
On a serious note, the event underlines the fact that big business in Latin America is still largely dominated by family groups. The Institute for International Finance said in a report released last week on corporate governance in Mexico that "after Greece and Colombia, Mexico by some estimates has the third-highest ownership concentration level in the world." This ownership structure, the report contends, has slowed the implementation of reforms that would benefit minority shareholders.
Billionaire attendees: Joseph Safra of Brazil, Gustavo Cisneros of Venezuela, Lorenzo Zambrano of Mexico, Alberto Bailleres of Mexico.
Billionaires invited whose attendance was not confirmed: Luis Carlos Sarmiento of Colombia and Andrónico Luksic of Chile.
Former-billionaire attendees: Carlos Miguens Bemberg of Argentina, João Roberto Marinho of Brazil, Marcelo Odebrecht of Brazil, Julio Mario Santo Domingo of Colombia, Carlos Ardila Gaviria of Colombia, Alvaro Noboa of Ecuador, Antonio Cossio of Mexico, Lorenzo Servitje of Mexico, and Emilio Azcárraga of Mexico.
The table below lists attendees, according to a preliminary program.
Carlos Slim's Secret Society Country Name Company Argentina Carlos Miguens Bemberg Grupo Bemberg Argentina Alberto Roemmers Roemmers Argentina Federico Braun Grupo Import Y Export De la Patagonia Argentina Eduardo Constantini Consultatio Argentina Ricardo Esteves Pampas Huetal Brazil João Roberto Marinho Globo Brazil Marcelo Odebrecht Grupo Odebrecht Brazil Joseph Safra Grupo Safra Brazil Luiz Frías Grupo Folha Brazil Eugenio Staub Gradiente Brazil Pedro Moreira Salles* Unibanco Chile José Said Grupo Said-Embotelladora Andina Chile Álvaro Saieh Corbanca Chile Andrónico Luksic* Grupo Luksic Colombia Julio Mario Santo Domingo Grupo Santo Domingo-Bavaria Colombia Carlos Ardila Gaviria Grupo Ardila Colombia Luis Carlos Sarmiento* Org. Sarmiento-Banco de Bogotá Colombia Jimmy Mayer* Grupo Mayer Ecuador Alvaro Noboa Grupo Noboa Mexico Carlos Slim Helú Grupo Carso-Telmex Mexico Lorenzo Servitje Grupo Bimbo Mexico Lorenzo Zambrano Cemex Mexico Fernando Senderos Grupo Desc Mexico Antonio Fernández Grupo Cervecerías Modelo Mexico Emilio Azcárraga Grupo Televisa Mexico Bernardo Quintana Empresas ICA Mexico José Antonio Fernández Femsa Mexico Alberto Bailleres Grupo Peñoles Mexico Antonio Cossio Grupo Industrial Tepeji Del Río Mexico Maria Aramburuzabala Grupo Modelo Venezuela Gustavo Cisneros Grupo Cisneros Venezuela Gustavo Julio Vollmer Grupo Palmar-Banco Mercantil Venezuela Juan Luis Bosch Grupo Multinversiones Venezuela Ricardo Poma Grupo Poma * Pending confirmation. NA = not available.