January 20, 2018
Thursday, April 10, 2014

Bondholders denounce 'lack of transparency' by Argentine gov't

Paul Singer, head of Elliot Management Hedge Fund.
Paul Singer, head of Elliot Management Hedge Fund.
Paul Singer, head of Elliot Management Hedge Fund.
The American Task Force Argentina (ATFA), an organization which unites several bond holders from the Argentine default of 2001, questioned today the “lack of transparency” within President Cristina Fernández de Kirchner administration, during a video conference with reporters.

The ATFA includes within its members NML Capital and Elliott Management, part of the so-called 'vulture funds'. These hold-out investors demand full payment on Argentine titles through the US court system, a move strongly resisted by the government, who restructured the vast majority of the nation's externa debt through bond swaps held in 2005 and 2010.

The organisation drew attention to alleged “recent news regarding Lazaro Báez, a close member and person of trust of Fernández de Kirchner, who is using the State of Nevada to launder stolen Argentine funds.”

One of its members explained the group seeks a court order “to demand from 123 companies affiliated with Báez, the production of documents that could help with the localization of stolen state assets, which belong to Argentina.”

“The connection between Báez and the Argentine President are well known”, the ATFA remarked, while recalling that the suspect is under investigation for the “misusing of 65 million dollars from public funds, and its consequent transaction abroad, trough companies in Nevada and other places.”

“If Báez is condemned, any stolen fund would be under Argentina’s domain, and therefore, it could be used to fulfil judicial rulings within the United States, in favour of NML,” the hedge fund led by Paul Singer.

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Tags:  Argentina  Vulture Funds  Paul Singer  CFK  Debt swap  

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