The Argentine Minister of Economy, Sergio Massaconfirmed this Wednesday that Argentina will litigate against the Uruguayan unicorn dLocal in USA for the alleged crime of fraud, although he mentioned the concept of “scam”.
Massa instructed the head of the Argentine Customs, William Michelto search for law firms in the appropriate US jurisdiction “to litigate in the United States” against that dLocal, which is listed on the nasdaq from the New York Stock Exchange, reported the agency Télam.
The Minister of Economy referred to suspicions of fraudulent activities by the Uruguayan fintech company during his tour of Chinain which he announced a direct commercial exchange in yuan without intermediation.
The decision will contribute to the strategy of ‘de-dollarize’ economic operations, but it will also affect the protection of reserves to avoid fraudulent maneuvers that ended “stealing the reserves of the Central Bank“, warned from the Ministry of Economy.
These illegal maneuvers are carried out through of triangulations to Uruguay and the US state of Florida and result in a scam for the Argentine State: the most recent example is the complaint for fraudulent maneuvers against dLocal, they indicated.
“For the Ministry of Commerce of China, China exports to Argentina less than Argentina has as commercial income from China. Why? Because there is a triangulation process from two places: Montevideo and the Florida LLCs,” they warned from the Palacio de Hacienda to refer to the operation.
dLocal denies the allegations
The fintech dLocal confirmed yesterday that it received a request for information from the authorities in Argentina, which will respond before June 6, but denied that it carries out fraudulent activities.
Sergio Fogel, co-founder of the digital payment system, told the Reuters Sergio Fogel agency that the fintech is complying with a request and noted that it “strictly follows the regulations.” “We are confident that we will receive a good response from the authorities after this,” he added.
dLocal suffered a blow on Friday after the press published that the Argentine government was investigating it for overbilling of digital services, which allowed funds to be sent abroad for at least 400 million dollars, which would constitute possible fraud.
That day, and despite a statement in which the fintech described the journalistic information as “inaccurate and misleading”, its shares fell more than 17% on the New York Stock Exchange.