An arrest warrant has been issued by a judge for the former owner of Mexicana de Aviacion on financial charges, media reports said.

Gaston Azcarraga was the subject of an investigation into financial transactions at Mexicana de Aviacion, media reports said, citing federal prosecutors.

Azcarraga was one of the largest shareholders of Grupo Posadas, a company founded by his father, until 2013, when he sold his stake.

The businessman has been accused of irregularities during his time as CEO of Mexicana de Aviacion, an airline that he left highly indebted and had to suspend operations in August 2010.

The carrier sought bankruptcy protection and a judge will determine whether to allow the company to resume operating or liquidate it.

Azcarraga and other investors acquired Mexicana de Aviacion in 2005 for $165 million.

The carrier was sold to the Tenedora K consortium for a token sum in 2010.

Azcarraga did not file the reports required by securities regulators on Mexicana de Aviacion's financial condition, Mexican media reported, citing an investigation by prosecutors.

The businessman did not disclose different loans he obtained, paving the way for officials to open an investigation.

Azcarraga received loans from Banorte, Bancomext and Nacional Financiera, the media reports said. EFE