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Vicentin: international creditor banks filed a complaint for alleged fraud

International accredited banks VincentSAIC filed a criminal complaint against the insolvent grain company for alleged fraud.The foreign financial entities involved They have unpaid debts for more than US$500 million and accuse the company of using credits intended to buy grain to finance other businesses of the business group.

The appeal was filed by the Ad Hoc Committee of International Creditors of Vicentin SAICin the Prosecutor for Economic Crimes of the city of Rosario (Santa Fe) in the last few hours investigate the alleged crime committed by the company.

Sources close to the Ad Hoc Committee emphasized that fact They asked for an investigation “if Vicentin authorities submitted false financial information to obtain credits for hundreds of millions of dollars”.

The complainants referred to the accounting statement presented by Vicentin 15 days ago, ie which was released last weekafter the court Fabin Lorenzini, who is in the competition in Reconquista (Santa Fe), reopened after being closed momentarily after confirming a positive case ofCovid-19. According to the balance, between October 2018 and the same month of 2019,Vicentin lost more than $52,500 million.

The analysis of the financial information of Vicentin SAIC,included the balance as at October 2019 was recently submitted, he convinced us of the need to investigate whether the company received credit from the committee members, while hiding the debt of millions of dollars to agricultural producers“, they expressed.

Precisely, The funding received by Vicentin was directed to the purchase of grain. “The information obtained through Discovery (the process that allows tracing accounts) in the United States supports the hypothesis that, instead of using the funding to buy grains, Vicentin would use the money to finance other family businesses that are not part of Vicentin SAIC’s balance sheet“, they explained.

As well, The committee demanded an investigation into the “confusing credit relationship between Vicentin and several counterparties” and “the possible fraud due to the interference of agreed rights against one of the member creditors”. by assigning non-existing export contract collection rights or assigning them in duplicate to more than one creditor.

“As we have repeatedly informed the authorities of SAIC Vicentin, Until the reasons for the company’s financial collapse are understood, it will be impossible to restore market and creditor confidence.“This new action reflects that objective, spokespeople for the committee said.

The international financial accreditation group consists of the international financial corporation (IFC, from its acronym in English, the financial arm of the World Bank Group), Netherlands Development Finance Company (FMO, the state-controlled Development Bank of the Netherlands), Netherlands International Group (the Dutch bank ING), the Dutch entity Rabobankel banco dutch INGthe ParisNatixis and the network of cooperative banks in FranceCredit Agricole.

From Vicentin’s environment, they declared that they had not yet been informed about it. In a timely manner, we have submitted all the requested details in the bankruptcy process and by the crediting banks themselves,” they argued.

It’s amazing when these entities initiate a lawsuit, just when Vicentin wants to give signals to investors and creditors.Employment of Maxim Group as a financial advisor and therefreshtwo examples of the directors who will be given soon. These same companies are creditors of Cauelascompany, although it is not in the same situation as Vicentin, its finances are also weakened”, he emphasized knowing about the company’s movements. holding.

Even though,the agro-industrial complex tries to recover the broken confidence of the market to give dynamism to the bankruptcy processstarted in March of this yearjust before the start of the quarantine.

On Monday, the agro-export company reported that it had hired New York-based investment bank Maxim Group, advise you on the debt restructuring process with your creditors and on the selection of potential investorscontributors of capital and/or financing, in order to help them resolve the situation in which the company is immersed.

Likewise, in a few days, the new management of the corn company will be announced. For October 15, a shareholders’ meeting was held, dealing with the resignation of the 11 members of the current directory and electing the new leadership.

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