Argentinian government is taking over Vicentin?

[Dougie]

outline.com

Creditors Allege Argentine Soy Giant Siphoned $400 Million

"Lenders including Rabobank, Credit Agricole, ING and the International Finance Corp., the private-lending arm of the World Bank, want copies of wire transfers by Argentina’s Vicentin and several related companies that include a meatpacker and a vineyard. The banks, together owed $500 million, also want to see transactions by company executives and members of its founding families, court filings dated June 29 show.

The banks are persisting with a discovery process -- started in February as Vicentin went bankrupt -- because they suspect about $400 million was drained into sister companies. Vicentin said it isn’t aware of the request for new documents but that it has collaborated fully so far with the discovery procedure. The firm denies any wrongdoing and said its Paraguay, Uruguay and Europe units were not created as vehicles for capital flight."

 

[MilHojas]

Alberto Fernández sobre Vicentin: "Pensé que todos iban a salir a festejar y me acusaron de cosas horribles"

Dijo que se equivocó con respecto a la evaluación de la gente sobre la expropiación. "Sigo esperando una mejor propuesta", afirmó.

www.clarin.com

Alberto admits it was a mistake.

"Cuando yo miro para atrás y veo qué hice mal. Yo me equivoqué con el tema de Vicentin porque creí que la situación estaba mucho más asumida. Pensé que todos iban a salir a festejar porque estábamos recuperando una empresa importantísima. Pero no pasó, todos se pusieron a acusarme de cosas horribles. Dije 'bueno si tienen solución mejor, tráiganmela', pero sigo esperando", apuntó.

 

[sts7049]

it seems like poor albie got his feelings hurt

 

[antipodean]

Alberto is about to realise he has made many mistakes and being President is not just about signing decrees, barking orders and receiving a standing ovation from a herd of rental-followers trucked in to the Plaza del Mayo.
His latest talk about "ending serial haters" is one that makes me cringe, its like a child after it gets a telling off tries to play the victim instead.
He who cast the first stone and all who spent 90% of his first six months taking never ending digs at the opposition, at businessmen, at runners, at porteños, at journalists, at farmers, at just about anyone rather than just acting the diplomat and getting on with getting things done. Typical career politician with nothing better to offer.

 

[Dougie]

Alberto Fernández anuló el DNU que disponía la intervención de Vicentin

Así desistió del intento de expropiación de la agroexportadora. El Presidente volvió a cargar contra los accionistas y sostuvo que "el juez interviniente en el concurso no ha permitido que el Estado pudiera conocer cuál es el pasivo real de la compañía". "Nuestra intención siempre fue rescatar a...

www.infobae.com

Un mes y medio después del sorpresivo anuncio en Casa Rosada Alberto Fernández estampó la firma en un Decreto de Necesidad y Urgencia publicado en el Boletín Oficial con el que dio oficialmente marcha atrás en la intervención y expropiación de Vicentin, argumentando una “obstrucción” empresarial y judicial y con fuertes críticas a los accionistas de la compañía

 

[Redpossum]

If you're going to post the story from that reactionary rag infobae, then I'm going to post the one from Pagina12

Vicentin: el Gobierno nacional derogó la intervención de la empresa | Frente a la imposibilidad de concretar el rescate por la acción del juez y los empresarios

"El Estado nacional no va a comprometer recursos públicos mientras el actual directorio permanezca en la empresa", destacó el Presidente al explicar el nuevo decreto. Responsabiliza al juez y a los empresarios por lo que suceda con la cerealera e instr...

www.pagina12.com.ar

Perhaps somewhere between the two, in that lonely, fire-swept middle ground, some grain of truth may be found.

 

[Dougie]

Do you really find it reactionary? I'd say it leans a bit Neoliberal, but not far right. I know it's not journalism at it's finest, that is for sure.

I find pagina 12 way too bias towards supporting the Ks, this coming from someone who leans left.

 

[Carmen]

Vicentín has more than 2,638 creditors worldwide. Combined Vicentín owes more than 99.345 millons of pesos. The president of the Central Nacion approved a $18.000 millons loan 10' before leaving government. The company owes 9500 millons to AFIP.
"The discovery, as the jargon of the asset screening analysis is called, was ordered by Judge Alvin Hellerstein of the Southern District Court of New York on February 14, just four days after the firm asked for Justice enters the bankruptcy process, with a debt calculated at US $ 1,350 million".

Vicentin = capital flight, offshorization to tax havens, money laundering, tax evasion, you name it.

 

[Rich One]

If you're going to post the story from that reactionary rag infobae, then I'm going to post the one from Pagina12

Vicentin: el Gobierno nacional derogó la intervención de la empresa | Frente a la imposibilidad de concretar el rescate por la acción del juez y los empresarios

"El Estado nacional no va a comprometer recursos públicos mientras el actual directorio permanezca en la empresa", destacó el Presidente al explicar el nuevo decreto. Responsabiliza al juez y a los empresarios por lo que suceda con la cerealera e instr...

www.pagina12.com.ar

Perhaps somewhere between the two, in that lonely, fire-swept middle ground, some grain of truth may be found.

Excellent to post other views... Like Pagina 12. However to denigrate other publications seems out of place in this Democratic Forum ... Just sayin..

 

[antipodean]

The problem with the Vicentin saga is not Vicentin or it’s behavior, but the principle at stake where the president tried to skip the various judicial processes demanded by law and attempted to expropriate a private company making out as if it were the “only option” and according to many judges in a way that was unconditional. The shock waves this sent were enormous as it undermined the rule of law and private property, making every business feel they are “up for the taking” when the politicians and/ or their friends get hungry. If Alberto could do it to Vincintin today that who else could do it to another in the future. The overwhelmingly negative public and judicial reaction also underlined a deep mistrust of the Argentine political establishment to administer companies in a less corrupt way.

Even the president's comments or justifications about the board members and executives conduct seem out of place since according to the law of the land they should be considered "innocent until proven guilty", just like some members of his government, and there is already a legal process underway to determine this fact. Yet as always in Argentina it seems the executive branch likes to blur the lines between the judicial branch when it is convenient to do so.

Put it this way, if this was indeed a “popular” or “legal” move it would have happened already, whatever way one spins the U-turn, whether to save face or to cast shame.