Investigation Details
Last Friday, Massa asked Negri in a letter to investigate the “possible leak of sensitive information regarding the government’s decision to repurchase debt in foreign currency.” On the other hand, he asked to find out about the existence of “speculative maneuvers in the purchase and sale of public securities”, with the objective of “manipulating the market and generating a rise in the prices of the parallel exchange rates”.
The CNV’s reading is that one of the reasons for the Economy behind the debt repurchase was to stop a run that had been brewing since the end of December, in an electoral year where volatility is expected, much more so in a context of drought and lack of dollars
As observed in the CNV, the average volume traded in MEP was around US$70 million per day, but the days prior to the news it amounted to US$100 million. They also registered movement in sureties, despite the fact that there were “high rates”. On the Wednesday of the announcement, dollar bonds had an average rise of 7%. For this reason, Massa’s second request was to identify “possible beneficiaries of these maneuvers.”
As of this Monday, the CNV began to request information from the 10 main brokerage firms. Some data arrived on Wednesday, and they expect to have all the material for this Friday. They made the request for client files, their assets and even their tax affidavits. So that it can be a quick job, the “cutting of the universe” is done on the ten principal accounts that had the largest bond purchase operations between Monday 16 and Friday 20 January (three days before and two after Massa’s announcement).
The goal is to find out if there was “unusualities”, whether it is the taking of guarantees in people who had never been financed, or accounts that operated for the first time the purchase of bonds or that cannot justify their income. For this, the data request was about the purchases that were made, the funding of the accounts, if there were profits or losses, the constitution of the own portfolio and the origin of the funds.
With all this information, the CNV summoned brokerage firms, which They began this Thursday at 11 in the morning in the courtroom. There he asks about the portfolios that operated, “the motivation” behind the transactions, and if they have relationships with public officials. This week and the next there are two agreed meetings per day, and then they will continue with the clients of the Alycs. There will also be consultations within the State: “I cannot say the concrete actions of the CNV, but it covers all the possibilities”, commented an official source.
For this work, the CNV reinforced the investigation team, and made the whole organism “available”, except for the summary area, which does not participate. They highlight that there are 37 people in management, some with “30 years of seniority”, who do not depend on management changes.
Although the realization of a summary can last more than a year, by March or April they hope to have some preliminary results. The CNV may submit to the Court the list of individuals and legal entities that acquired bonds in the weeks prior to the implementation of the debt repurchase measure, since the lifting of stock market secrecy was ordered. This is reflected in the letter sent from Negri to the criminal and correctional court number 6, where the case is being processed.
The next step for the CNV, in February, will be to appear in Congress. “We are already in communication with the parliamentary authorities and we offer to go and give all the explanations, always safeguarding the stock market secret,” said an official source. The case could lead to fines, removal of Alycs licenses or even criminal consequences, in a job carried out by the CNV not only with Economy and Justice, but could also carry out crossovers with the FIU, AFIP and IGJ. At the moment there were no requests for information to the United States Securities and Exchange Commission (SEC), but they do not rule it out: they assure that because they are adhered to a multilateral agreement, the data that is required can arrive in a month.
Make the MEP more flexible
The CNV seeks to comply with Massa’s request and investigate whether there was a crime, but it also has an economic motivation behind it: they seek to make the market for buying and selling bonds “transparent”, so that it can be expanded. “We want the MEP to work well; in a context of restrictions on the MULC, it decompresses the blue”, said an official source. Therefore, they anticipated that They seek to make the market, which has a long list of regulations, more flexible so that more people can access it.
In fact, from the CNV they put pressure on the economic team to carry out the “tourist dollar” measure, in which foreign tourists who come to the country are given the possibility of paying with a card and accessing a MEP exchange rate. , much more attractive than the official one. One month after implementation, They observe a “growing supply” of dollars, which amounts to 10% of what is operated in MEP.
They also aspire to modify the CCL market: “We want to take advantage of the investigation to have more information on titles abroad, because there are things in that market that are not transparent, such as who is the final beneficiary of the operation,” official sources anticipated. . That could happen through a regulation, but it is not yet defined.
Source: Ambito
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