November 28, 2014
ANSeS files lawsuit against Siderar
The company has already said that it plans to Challenger the emergency decree issued last week that seeks to increase the estate participation in 42 of the country’s largest companies.
Earlier, Economy Minister Amado Boudou said that the ANSeS “has directors in 27 companies, and in the last two years there haven't been any problems."
“ANSeS owns more than a quarter of Siderar's shares and they want to veto the possibility of adding the directors that they have a right to add. This has no economic grounds, because ANSeS interests’ are the same of Techint’s”, Boudou said.
"Techint Group is attacking legal security and ownership rights, by refusing to accept the entrance of State directors into Siderar," he added.
“They pretend to stand above the Argentine population, in a true attack to legal security, property rights, and the complying of the Trade Society’s law and the respect of minorities in business aspects,” said the Minister. “Techint Group’s attitude is totally incomprehensible.”
Boudou was not the only government official that blasted Techint’s decision. ANSeS head Diego Bossio said that the DNU emergency decree is still valid and has to be implemented.
Bossio opposes to Techint’s demand that the debate be taken to Congress. “They don’t have representation in Congress, which is made of lawmakers. The decree doesn’t clash with the company’s interests and ANSeS only wants what is fair,” he said.
“The State wants to participate in the board of directors, participate in the elaboration of salary policies, of the distribution of dividends, suggest investments and contribute to the success of the company, because that increases the value of the shares and the Argentine population's resources,” Bossio added.
ANSeS holds 25 percent of Siderar’s shares, which represent US$2700 million.