The Government formalized yesterday the request to the General Audit of the Nation (AGN) and the University of Buenos Aires (UBA) to audit the exchange and sale of bonds in dollars of public entities arranged last week by Decree.
Although Minister Sergio Massa had already anticipated that the measure would be reviewed by the Faculty of Economic Sciences of the UBA, now the Ministry of Economy sent the same request to the head of the AGN, Jesús Rodríguez.
Through a document, Massa asked Rodríguez that the AGN “issue an opinion of a duly founded technical nature on the following consultation associated with the application of the provisions of Decree of Necessity and Urgency No. 164.”
In that text, Massa explained that “article 4 provides that said public entities must subscribe national public titles payable in pesos to be issued by the Treasury.”
“Given that the Public Sector organizations value their portfolio in pesos at market prices, and taking into account the aforementioned considerations, can the sale of the Annex I securities and subsequent subscription of the Dual 2036 Bond entail a loss in the portfolio value of the organizations reached by the Decree?”, raised the official.
And he added: “Otherwise, could you establish the equity revaluation ranges taking as a reference the closing prices of the secondary market on the day of the date?”
Secondly, he said that “assuming that the exchange of the global bonds contemplated in Annex II for the Dual Bond 2036 will be carried out in a 1 to 1 ratio at technical value” and he asked himself: “Can this exchange suppose a loss in the portfolio value of the organizations covered by the Decree?
The text sent to the dean of the Faculty of Economic Sciences, Ricardo Pahlen Acuña, makes the same requests.
Source: Ambito
