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December 20, 2014
Monday, August 25, 2014

AFIP chief claims Donnelley owned by 'vulture fund', seeks directors' arrest

The Federal Public Incomes Administration (AFIP) president Ricardo Echegaray has claimed that printing firm RR Donnelley is owned by a variety of different investment funds, among them Elliott Management, run by plaintiff in the Argentina debt dispute Paul Singer.

The official announced in today's press conference that the AFIP had also requested the arrest of the Donnelley board of directors for what he called "playing a trick and inventing a fraudulent bankruptcy" for the printing plany located in Garín, Buenos Aires province.

He also revealed that the National Values Commission (CNV) financial watchdog would present to its US counterpart details of the company's request.

The bankruptcy plea filed by the company's Argentina branch threatens 400 jobs.

"All the data that we have gathered and handed over to the courts, to declare this bankruptcy 'fraudulent' and request the arrest of company directors, have been given to the CNV which this week will be presenting them to the Securities and Exchange Commission," he affirmed.

Echegaray signalled that according to the US Securities and Exchange Commission, the parent company RR Donnelley & Sons Company has as principal shareholders the investment funds Blackrock, Capital World Investors, Tehe Vanguard Group INC and State Street Corporation.

Furthermore, the tax agency chief alleged that those groups were partners with Elliott Management, run by Singer, and that they also participate in energy interests.

"The company played a trick, fraudulently presenting an untimely bankruptcy and we hope the courts will make a decision as soon as possible over its continuity because the business is in good health," Echegaray explained, while criticising the rapid response of judges in confirming bankruptcy.

"Bankruptcy was decided that very same time and we are still waiting for a decision over the company's productive continuance, requested by the AFIP, unions and the workers," he underlined, while ruling out the possibility of the state taking over the enterprise.
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Tags:  Echegaray  Singer  vultures, Donnelley  workers  bankruptcy  





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