In October 2015 “Madelan” bet 400 thousand dollars that in June 2016 the dollar would be at 11.50 pesos but the Central Bank, already under the management of Mauricio Macri, relying on the regulations of those contracts, ordered an increase of 1.75 pesos per dollar to ease the monetary issue.
Against this provision of financial policy, “Madelan” appealed to the Contentious-Administrative Court and Judge Lara Correa dismissed the claim of the agricultural company so that the public coffers compensated its investment in future dollars with half a million pesos.
In at least a dozen similar files, the federal judge from Rosario Sylvia Aramberri had accepted the arguments and condemned the Central Bank, Rofex and the CNV for “breach of contract”, but the Buenos Aires magistrate had another criterion, as did his colleague Santiago Carrillo, in charge of the Federal Contentious Administrative Court 3.
Aramberri had based his ruling in favor of the investors on an accounting opinion that measured that the Central was not at risk of “non-compliance” with the payment of future dollar contracts and that therefore the modification of the agreed price constituted arbitrariness harmful to the investor.
Lara Correa, on the other hand, stressed that the price readjustment is a legitimate attribution of the operators that works as “one of the fundamental tools that contribute to exchange stability, and to eliminate the risk of non-compliance or challenge of the concerted operations,” they said. the sources.
The judge from Buenos Aires also highlighted, in dissent from his colleague from Rosario, that “the CNV, in its capacity as controller and inspection authority, concluded that the declared emergency was based on the fact that the proper functioning of the futures market was compromised. dollar”.
This emergency, for the magistrate, installed the risk of “non-compliance, derived from the circumstances existing at that time and, as a consequence, he approved the emergency declaration issued jointly by Rofex and became aware of the price adjustment mechanism.”
The judge, head of Federal Court 1 of Rosario, has other demands from investors to resolve and everything indicates that she will rule in the same direction, even though there are already two Buenos Aires judges who rejected her arguments: Lara Correa himself
Source: Ambito
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