Alert for dLocal before a possible Argentine complaint for fraud

Alert for dLocal before a possible Argentine complaint for fraud

The Argentine State is studying the possibility of denouncing the Uruguayan unicorn before the Wall Street regulator for the alleged “leak” of US$400 million.

The first unicorn Uruguay, dLocal, is facing an investigation by the Argentine state and could be reported for fraud before USA due to the alleged leakage abroad of at least 400 million dollars of the financial technology company.

The bad news does not stop arriving for dLocal after that black Wednesday in November in which its shares collapsed more than 51% after the company Muddy Waters Capital issue a lapidary report on the finances of the Uruguayan unicorn. Now, the fintech is facing a possible complaint from the Argentine Customs before the Securities and Exchange Commission (SEC)the regulator Wall Street, for having sent millions of dollars abroad with the purpose of “leaking foreign currency.”

According to the media from the neighboring country Infobae, Argentina will seek information from United States Treasury and of Homeland Security Investigations about the whereabouts of at least 400 million dollars that dLocal would have transferred to other countries through maneuvers not reflected in the accounting with the objective of take advantage of the currency gap. The amount investigated makes the offense fall into the category of “scam”.

The case highlights that the balance sheet of the Uruguayan unicorn has practically no fixed assets and only declares rents that would belong to the “domicile of its exploitation”. In addition, Customs affirms that dLocal receives invoices from abroad from its parent company, issues B invoices to foreign clients to justify income and also invoices companies in the same group. All these practices led the State to promote the investigation, since they are maneuvers that allow avoid the obligation to liquidate foreign currency from the export of services.

At the moment, there is no firm decision on filing a complaint, but the information that the neighboring country obtains about the movements of the Uruguayan unicorn can conclude in a presentation before the SEC.

The first quarter brought some relief for dLocal

Less than ten days ago, dLocal presented its financial results report for the first quarter of this year, where it recorded Profits by $35.5 millionalmost 83% more than in the previous quarter, which was marked by the debacle after the Muddy Waters report.

In the last quarter of 2022, earnings were — despite everything — $19.4 million. In turn, in the year-on-year comparisonthat is, compared to the first three months of last year, the increase is 35%given that in that period the amount reached 26.3 million dollars.

Source: Ambito

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