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October 21, 2014
Thursday, July 10, 2014

JP Morgan writes letter to US Judge Griesa, asks for payment to Japanese bondholders

JP Morgan requested a written explanation following the “unusual” ruling by Griesa.

JP Morgan bank, the entity responsible for the payment to Argentina's Japanese bondholders has sent a letter to US Federal Judge Thomas Griesa, requesting “a clarification” in order to deliver the funds to the nation's creditors.

Through this measure, JP Morgan requested a written explanation following the “unusual” ruling by Griesa, a resolution which prevents from bondholders receiving the funds which have been transferred by the Argentine Government led by President Cristina Fernández de Kirchner.

According to a document published by Telam, on June 24 JP Morgan received a letter from the so-called vulture funds, where they expressed their position which appealed to keep the transferred funds immobilized, in order to prevent a violation of the ruling, dated back in 2012, adjusted to the ‘Pari Passu’ clause, and the amendment from November of that same year, which resolved favourably for the hedge funds, recognizing the 100 percent of the amount.

Tokyo’s JP Morgan received a transaction by the Argentine government through the Bank for International Settlements International Bank (BIS) account.

On July 3, the Argentine Central Bank transferred the sum of 212.7 million yen (about two million dollars).

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Tags:  Argentina  Vulture Funds  Paul Singer  Debt swap  US  Supreme Court  Griesa  CFK  





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