MercoPress. South Atlantic News Agency

Argentina back-steps on applying 'anti-terrorism' law on a US company

Argentina's head of the securities regulator, CNV, Alejandro Vanoli said that the anti-terrorism law will not be applied against the United States printing firm RR Donnelley, as president Cristina Fernández had announced last Thursday.

 Vanoli explained that the economic crimes law will be enforced instead for the company’s abrupt bankruptcy that left over 400 workers out of job.

“There was a misunderstanding because when we refer to terrorism, we are talking about economic terrorism. In this case, AFIP tax bureau turns to economic crimes, not the financing of terrorism,” Vanoli pointed out.

The CNV chief added that a lawsuit has been filed at Argentine Federal judge Daniel Rafecas’ Court for the alleged fraudulent bankruptcy, which is punishable by the economic crimes law.

“The judge will guarantee that the company keeps on working and the workers keep their jobs,” Vanoli said in an interview with a local radio station.

Vanoli also ratified that the CNV will take its claim against RR Donnelley to the United States Securities and Exchange Commission (SEC) this week. He said that the CNV is waiting for “AFIP’s information to file a full complaint before the US watchdog to disclose in global markets the company’s actions”.

When president Cristina Fernandez originally announced the implementation of the “anti-terrorism” law, she argued that the closure of the company was part of the hedge funds or 'vulture funds' conspiracy against Argentina, since several of them had shares in RR Donnelley.

In the bankruptcy presentation RR Donnelley argued the company had been losing money for several quarters and was overwhelmed by labor disputes with the local unions.