Livestock connection: The company’s accountant described the situation as a “timba” with “Ponzi scheme”

The counter hired by Livestock connection To analyze and explain to investors the critical situation of the company, Ricardo Giovio, He argued that the method promised by the cattle capitalization firm “is a Timba “ And that the business “ended in a Ponzi scheme ”.

For Giovio, the current scenario in which the company has a liability that exceeds 230 million dollars is explained in two concepts: bets and Pyramidal scam. Is that, according to the accountant, livestock connection assured Fixed income with variable sale; That is, the firm paid investors variable income while they contributed fixedly.

“If one wants to pay fixed based on a variable activity, if it is going well barbaric, and if it goes wrong it ends in a Ponzi scheme. This ended with a Ponzi scheme, ”explained the professional in a video call to investors. A Ponzi scheme is a modality of pyramid scam that is based on paying investors Promised profitability with the contribution of new investors, And so on.

Regarding the livestock connection investment process, the company founded in 1999 by Pablo Carrasco and Gustavo Basso, Giovio said that “surely it started as a viable project, at one time it began to lose money, the liquidity became the main problem, there the business did not look so much and without having started as a Ponzi scheme ended in a Ponzi scheme ”

“Ensuring fixed income with variable sale is a timba and ends how all the timbas end,” he concluded. The accountant also said that the company “is not auditable because its balances do not reflect reality.”

Regarding the possibilities that investors have – among 4,000 and 7,000, according to different versions – to recover their money, or part of it, two exclusive paths pointed out to each other: make an agreement between private with the company or go to a criminal trial .

Pablo Carrasco’s download

At the same virtual meeting with the Investors “That was carried out by Zoom and also transmitted by YouTube,” Carrasco, one of the livestock connecting partners participated. The businessman explained that “he wanted to put his face” and assumed his responsibility in the crisis of the livestock investment firm both before investors and before justice.

Anyway, he said that not all the company’s problems originated from their part. “The first fault that I have clear and I assume is the negligence and omission of things we did wrong, but with Gustavo Basso, my partner, we had a tacit agreement, For 25 years, in which I was the man of the land, of fields that grew up to 75 thousand hectares and that sued me a lot of my time – such as putting together a mark of meat – and all that was what I know and knew how to do. He had an undisputed commercial ability and the management of finance, to the point that I was not interested too much, I knew I was in good hands and I did not even have access, to this day, to any account of livestock connection”He said.

Regarding possible solutions, Carrasco considered that a “Great auction of our livestock would imply millions of dollars in loss ”, while a “Smart liquidation” —There each animal at its best – would be a better alternative in that sense.

Another possibility is that a partner “That needs 20,000 tons of meat per year or 2 million tons of carbon.”

“I do not have an economic, but moral problem, which is having been harming investors and that is the only thing that reveals to me. I will leave the skin or the best of me to make that corrected,” he closed.