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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."