jaime pinto oversee contracts SBC - Paul Singer Elliott Asschttps://redaccion.lamula.pe/2015/06/21/fondo-buitre-provoco-dano-al-peru-por-50-millones-de-dolares-en-gobierno-de-fujimori/ecabral/
Google translation:
Is there such a powerful businessman who is able to confiscate a warship of a sovereign nation ? Yes , his name is Paul Singer , the visible face of so-called ' vulture funds ' , founder of Elliott Associates , LP and Argentina in 2012 confiscated the ship "Freedom".
A vulture fund is nothing more than an investment fund dedicated to acquiring a public debt of a country or entity on the verge of bankruptcy, at a lower price than their face value , then sue for full payment .
It is with this strategy that in 2014 the country went into default Argentina -a debtor falls into default when it ceases to make payments to their acreedor- after failed negotiations with the funds managed by Singer , aggravating the economy of our neighbor recession.
The actions of Singer is not new. In fact , one of its first victims , almost ten years ago, was Peru
Elliott Associates, LP - fund founded by Paul Singer investments - received more than $ 58 million of the Peruvian State in September 2000, after winning a lawsuit in New York which demanded payment of $ 66 million by a Peruvian debt He bought at almost six times less.
The investigating commission headed by former Congressman Ernesto Herrera recommended, in 2003, Jaime Pinto prosecute by the Swiss Bank Corporation (SBC), having determined that the purchase of debt by the so-called 'vulture fund', generated a damage State the value of 50 million dollars, although unknown if the prosecution formalized complaints.
TIMELINE ELLIOT CASE VS. PERU
Congressman Javier Velasquez, former vice president of the commission, said that Congress does not follow the recommendations sent to the Public Ministry, Herrera does not believe that any accusation has been made; while Jaime Pinto, legal adviser to the Ministry of Economy and Finance (MEF) between 1992 and 1996, currently director at the La Pampilla refinery.
The government of Alberto Fujimori of Peru started the reintegration into the international financial system in 1990, with the suspension of several trials that foreign creditors filed against the country following the non-payment of the foreign debt in 1984, says research by Romina and Kupelian Maria Rivas Center of Economy and Finance for the development of Argentina (CEFID-AR).
In 1996, the Peruvian government approved the 'Brady Plan' that, according to research CEFID-AR, "looked a procedure for recalculation of interests and the exchange of the overdue and unpaid debt for new debt securities: Brady bonds" However the commission headed by former Congressman Rafael Valencia-Dongo in 2002 found several cases of corruption in the renegotiation of external debt between 1990 and 2000.
"The agreement with Elliott allowed the Peru comply within the grace period of 30 days, expiring on October 6, with the obligation to pay interest on Brady bonds, achieving prevent the country required the payment of US $ 3.387 million, an amount that could not pay, "concludes a 2000 report by the MEF.
On September 26 of that year, Elliott won the Brussels Court of Appeal an order to seize the payment of interest on international bonds that Peru was scheduled to be made through Euroclear - financial services company located in Belgium - and if While it was not awarded any funds, threatening the country to fall into default, said US attorney Mark Cymrot.
"Our recommendations were to proceed with additional legal and diplomatic measures, in addition to looking back on the court in New York and Belgium, supported by the international financial community. However, the Peruvian government decided to agree with Elliot, "recalls Cymrot, who took the Peruvian defense in lawsuits against the fund.
The SBC, which bought Peruvian debt as financial agent of Peru since 1994, sold foreign debt securities valued at US $ 20 million to Elliott Associates, LP for US $ 11.4 million in 1996, breaking the contract that prevented trading in securities without communicate to the Peruvian government, Ismael Muoz explains in his research published in the book "Corrupt Debts: white collar crimes'.
Jaime Pinto, to oversee contracts SBC (with whom he was in permanent contact), not only allowed this operation to be performed but avoided complain when the Peruvian government learned of the purchase, he concluded the committee chaired by Herrera.
"Mr. Pinto was attorney Elliott Associates in February and March 1998," said the commission Cymrot the July 7, 2003, the report presents version with Pinto migration to the United States around the time the dispute and numerous interviews in Valencia-Dongo Commission despite the now director of the La Pampilla refinery said that only spoke once with the MEF for Elliott.
[Read Mark Cymrot also: "The amendment Peru cost the approximately 40 million dollars"]
"Pinto came to us in horror, wondering how we could do that," recalls Gaston Garatea, former member of the Ethics Tribunal of the Peruvian foreign debt in July 2004 ruled that the money paid to the fund could be intended Singer meet its obligations under international treaties on human rights; besides finding Jaime Pinto responsibility in operation.