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October 24, 2014
Monday, August 4, 2014

'The market has spoken and it has determined that there is no default'

The President of the National Security Commission (CNV) Alejandro Vanoli confirmed in a press conference that the national securities watchdog is calling its European and US counterparts for a “thorough inquiry” on vulture funds for “fraudulent manoeuvres”.

Vanoli accused holdout hedge funds of carrying out “criminal manoeuvres” on a global scale by “using priviledged information” to “manipulate markets”, which is punishable under Argentinean and US laws.

He also denied Argentina’s default. “The market has spoken and it has determined that there is no default,” Vanoli stated. “Argentina is under the same conditions”.

The official reiterated the governments accusations against the holdouts for having a “two-ways” strategy through judicial and extra-judicial mechanisms. He said they worked to receive payment from US Judge Thomas Griesa’s ruling on the one hand, and through the collection of default insurance on the other hand.

“It is not an isolated case, it is about a predatory action [vulture funds] carry out in every case in every country,” Vanoli said. “It calls for watchdogs around the world to regulate, sanction and limit these actions”.

The CNV head said he is fully confident on the US SEC’s ability to carry out an un-biased investigation and said that its outcome might originate an administrative sanction or even a criminal case against vulture funds. He also suggested that it could lead to procedural fraud of Griesa’s Court.

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Tags:  CNV  Vanoli  SEC  inquiry  investigation  request  vulture funds  Argentina  





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