Sergio Fogel clarified that no cause was opened and maintained that the company “operates with total normality.”
Sergio Fogel, founder of dLocal, the first unicorn of Uruguay, referred to the possibility that the government of Argentina denounce the company for an alleged flight of currency from 400 million dollars and clarified that his lawyers were not notified of the existence of any legal case and indicated that the financial technology firm operates “with total normality”.
Fogel He came across the versions that indicate that dLocal transferred that millionaire amount of money to other countries through maneuvers not reflected in the accounting to take advantage of the exchange gap, which would constitute a “scam”. Faced with this scenario, the founder of the unicorn responded to Montevideo Portal: “We always gave the correct data. I don’t know where they get those numbers from.”
The accusation arose after a publication by Infobae, a medium from the neighboring country, which explained that Argentina will ask for information to the United States Treasury and Homeland Security Investigations about the whereabouts of some 400 million dollars that the Uruguayan unicorn allegedly transferred to other countries through “maneuvers”. The news comes after the rebound of the firm achieved in the first quarter of 2023.
What is the suspicion promoted by the Argentine State
From the Argentine state they assure that dLocal It has practically no fixed assets and declares rents that would belong to the “domicile of its exploitation”. About, Fogel He clarified that the firm, with operations in 40 countries, has remote staff, although in some it has “small offices.”
In parallel, Customs from that country indicated that the fintech receives invoices from abroad from its parent company, then issues B invoices to foreign clients to justify income and also invoices companies of the same group.
With these suspicions, the government promotes the investigation considering that the company sought to avoid the obligation to liquidate foreign currency from the export of services. They warn that, when contrasting these data with USA, will make a presentation to the SEQ.
It is not the first problem facing dLocal
The suspicion that came from Argentina reminiscent of the harsh hedge fund report Muddy Waters Capital, that caused a black Wednesday and sharp fall in the shares of dLocal on Wall Street, that collapsed in the order of 51%.
At the time, the hedge fund reported a “possible fraud” of the Uruguayan unicorn and decided to sell short after noting “repeated failures in its third-party verification, repeated disclosures about its total payment volume (TPV) and accounts receivable that flatly contradict each other.”
Source: Ambito
