“It was an immense door where resources passed with unknown origin,” said Ángel Urraburu.
The case of Livestock connection He continues to speak in the middle of an imminent new meeting with investors by the company’s leaders, meanwhile, the president of the Montevideo Stock Exchange (BVM), Ángel Urraburu, He questioned the origin of the business funds and criticized the loss of confidence in this type of business from this case.
Last week, the company held two meetings with its investors where they were informed of the complicated financial situation that is going through. From the firm, they recognized that they have losses for 250 million dollars and admitted that they are going through a “difficult” patrimonial situation.
The consequences of the business of Livestock connection He has generated political stir and criticism by high economic referents of the country, including the president of BVM. “What happened with this company is a cataclysm,” said Urraburu. In that sense, he regretted that it is a very hard blow to the trust of the Uruguay That he has tried so hard to maintain at regional and worldwide.
“It is a very negative impact, it is a very hard blow to trust. To that confidence that, fundamentally from the Uruguay country has the best RISK RATING NOTE of the public debt of Latin America.
On the other hand, he remarked that this business style, from the case of Livestock connection And others who have harmed the confidence of savers, catapulted the model. “The mechanism is injured in death,” he said.
Lack of controls
Meanwhile, Uraburu stressed that this business has raffled the controls of the Central Bank of Uruguay (BCU). “These companies eluded the controls of the Central Bank through the design of contracts that tended to sell cattle and not to receive money in exchange for a interest rate“He said.
“This type of investment, of Public offer made by mass media must be in the powers of the Central Bank“He remarked and said that this in type of companies did not exist for information requirements on the origins of investment funds.” Resources of some people with origin that are not known were passed. “
Source: Ambito
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