Argentinian government is taking over Vicentin?

[HenryNisental]

It is over, Alberto has backen down in this.

 

[Carmen]

We have ordered the repeal of DNU 522/2020 that ordered the intervention of Vicentin S.A.I.C. for 60 days.

So far, the judge involved in the bankruptcy has not allowed the State to know what the company's real liabilities are. It has also impeded the access of the intervention to its management and, what is worse still, it has maintained in its functions the same directors who, before the passivity of the court, still do not deliver the Balance and Report of the 2019 exercise.

The national State will not commit public resources while the current board of directors remains in the company, nor will it form a trust sharing its management.

Our intention has always been to rescue the company, preserve the assets, collaborate with the affected producers and maintain the sources of work. But also our obligation is to investigate the maneuvers that caused the state of failure in which the company has fallen.

The intervention for 60 days was essential before declaring Vicentin S.A.I.C. as a public utility asset, to know its true patrimonial status.

Under these conditions, we are not willing to take risks that could result in the nationalization of private debt so that Argentines and Argentines must take charge of the irresponsible behavior of the current administrators.

I have instructed all public agencies involved to carry out civil, commercial and criminal actions that allow the recovery of the credits claimed in the preventive contest, settle responsibilities and preserve the interests of the State.

Alberto Fernandez, President.

 

[antipodean]

We have ordered the repeal of DNU 522/2020 that ordered the intervention of Vicentin S.A.I.C. for 60 days.

So far, the judge involved in the bankruptcy has not allowed the State to know what the company's real liabilities are. It has also impeded the access of the intervention to its management and, what is worse still, it has maintained in its functions the same directors who, before the passivity of the court, still do not deliver the Balance and Report of the 2019 exercise.

The national State will not commit public resources while the current board of directors remains in the company, nor will it form a trust sharing its management.

Our intention has always been to rescue the company, preserve the assets, collaborate with the affected producers and maintain the sources of work. But also our obligation is to investigate the maneuvers that caused the state of failure in which the company has fallen.

The intervention for 60 days was essential before declaring Vicentin S.A.I.C. as a public utility asset, to know its true patrimonial status.

Under these conditions, we are not willing to take risks that could result in the nationalization of private debt so that Argentines and Argentines must take charge of the irresponsible behavior of the current administrators.

I have instructed all public agencies involved to carry out civil, commercial and criminal actions that allow the recovery of the credits claimed in the preventive contest, settle responsibilities and preserve the interests of the State.

Alberto Fernandez, President.

What ever happened to the sovereignty motive he so proudly espoused when announcing this in the first place?

In short, the bankruptcy and subsequent investigations just need to follow the existing legal processes of the state as they would for any company.

Unfortunately for Alberto the damage is already done. Perhaps if he put the energy of the government Into reforming bankruptcy laws and foreign ownership law instead of reforming courts at this moment of extreme economic and social crisis he could have actually achieved something in the way of protecting jobs, national interests and assets.