TECNOGLASS INC. $TGLS
Culper Research • Published August 21, 2025 • From Barranquilla to Sinaloa
CORE INVESTMENT THESIS
Tecnoglass is a NYSE-listed manufacturer linked to Sinaloa cartel operations according to leaked Mexican intelligence memos naming CEO Jose and COO Christian Daes.
With extensive ties to Banco Serfinanza (alleged cartel money laundering conduit), compromised "independent" board members, and fundamental business deterioration in Florida markets amid massive insider selling, Culper Research believes Tecnoglass shares are headed lower.
COMPANY OVERVIEW
📋 What They Actually Do
Tecnoglass manufactures glass, windows, and architectural glass systems primarily from its 5.8 million square foot facility in Barranquilla, Colombia. The company exports almost entirely to the U.S. market (95% of revenues), with 85% concentrated in Florida's construction markets.
Background/History: Founded by the Daes brothers and taken public via SPAC in 2013. Despite claims of geographic diversification, the company remains heavily dependent on Florida's construction cycle, which is now showing signs of deterioration.
Of consolidated revenues from Florida, despite years of claiming geographic diversification
Sold by Daes brothers in past 9 months - their largest sales in company history
Three "independent" directors have pre-existing ties to Banco Serfinanza and Char family
Florida housing permits peaked mid-2022, condo prices down 9.9% YoY, multifamily cycle ending
Revenue Geographic Concentration Reality
Ownership Control Structure
KEY PLAYERS
Jose Manuel Daes
CEO & Chairman
Role: CEO and controlling shareholder via Energy Holding Corp
Significance: Named in Mexican intelligence memos as facilitating Sinaloa cartel money laundering
Red Flag: Sold $345M in stock over 9 months while company faces cartel allegations
Christian Daes
COO & Director
Role: Chief Operating Officer and co-controlling shareholder
Significance: Also named alongside brother Jose in leaked intelligence reports
Red Flag: Photographed with Alex Char at A Construir groundbreaking despite claiming divestment
Julio A. Torres
Lead Independent Director
Role: Led Tecnoglass SPAC and serves as "independent" director
Significance: Has been Banco Serfinanza director since 2011 - before joining Tecnoglass
Red Flag: Independence compromised by ties to alleged cartel money laundering bank
Carlos Alfredo Cure
Independent Director
Role: Supposed independent board member since 2019
Significance: External advisor to Char family's Grupo Olimpica since 2015
Red Flag: Olimpica named in intelligence memos as money laundering conduit
Hector "Yogi Bear" Amaris
Former Char Associate
Role: Alex Char's "right hand man" and Daes business partner
Significance: Named in memos as receiving 5-10% commission for verifying cartel payments
Red Flag: Now cooperating with U.S. and Colombian authorities from Miami asylum
Julio Gerlein Echeverria
Longtime Daes Associate
Role: Barranquilla "mega-contractor" and Daes family ally
Significance: Named alongside Daes brothers in intelligence memos
Red Flag: Charged August 6, 2025 with bribery and witness tampering by Colombian AG
Culper Research's Verdict
According to Culper Research, Tecnoglass Inc. ($TGLS) is a NYSE-listed manufacturer with serious exposure to Sinaloa cartel operations based on leaked Mexican intelligence memos naming CEO Jose and COO Christian Daes. With compromised board independence, deteriorating Florida fundamentals, and massive insider selling amid growing legal risks, Culper Research concludes this represents significant downside risk.