Financial scandal in Uruguay: Conexión Ganadera and the model that ended up as a Ponzi scheme

Wednesday, January 29th 2025 - 20:07 UTC

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The collapse of Conexión Ganadera, one of Uruguay's leading cattle investment firms, has left hundreds of savers in suspense after it was revealed that its financial model operated as a Ponzi scheme. This was stated by accountant Ricardo Giovio, hired by the company to evaluate its situation. Read full article

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npen
Meanwhile the Central Bank refused to perform any kind of control stating that in these cases they didn't have the jurisdiction to act because those were “private livestock contracts” and not “financial contracts” (mostly a technicality). OTOH, even if the CBU argument was correct, the Livestock Ministry system of livestock traceability was nothing but futile, leaving thousands of Uruguayan and foreign investors without their animals.
Feb 07th, 2025 - 02:00 am - Link - Report abuse 0
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