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July 29, 2014
Friday, October 26, 2012

Argentina’s almost impounded assets around the world

Following Foreign Minister Héctor Timerman’s announcement last night that there had been attempts to impound 28 assets, the list of actual assets is remarkable.

In the US, state properties including the Ambassadors’ residence and armed forces attaché offices, after NML presented a similar claim in 2004, with no assets currently seized. The President’s private jet, Tango 01, was impounded, but for two months in 2007.

NML capital also made an attempt to seize Argentine national bank assets in September 2008 and May 2010, as well as a satellite in 2011. Among the most recent attempted asset attachments are reserves deposited in the Federal Reserve Bank of New York, and patents over the licences for the use and genetic mutation of a rice gene, both in 2011. The latter was presented by the investment funds Aurelius and Blue Angel Capital.

In Switzerland, the Argentine Central Bank’s account at the International Settlements Bank was embargoed on December 2009, although a local court lifted the ruling on April 2009.

The Argentine Embassy in France had its accounts and the museum to General San Martín in Boulogne Sur Mer, mentioned by Timerman in his speech last night, garnished in 2009, with the museum being released in 2010 and the assets in 2011.

Similarly, the Argentine Embassy in Germany was impounded in 2010, while Argentina’s bank account in Berlin was embargoed back in 2003. Both were subsequently released.

A country where Argentine assets are still garnished is Belgium, where the Embassy’s bank accounts were embargoed in 2009 and the Argentine agricultural representative with the EU had his bank account in Brussels frozen.

In Italy, the Supreme Court ruled in May, 2005, that all assets belonging to Argentina are under judicial immunity.

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