Wednesday , January 20 2021

Very serious accusation against Loma Negra



The arguments against Loma Negra presented before the courts are very difficult. In the first paragraph, we speak of "bribes paid during the Kirchner administration to obtain contracts in public works in Argentina, including the construction of the Bicentennial water supply in the Province of Buenos Aires". The mention refers to the "Del Bicentennial" sewage plant located in Berazategui, inaugurated in 2014 and defined by the former government for the most important works of toilets in Argentina and one of the largest in the world. According to the presentation, he suffered "reputational damage" and "unfavorable effects on trade" due to "cases of corruption," in reference to the Caucasian case. According to the presentation, the cases of "massive corruption", where the "Loma Negra" parent company is included, puts a serious risk today on the validity of public works for a necessary infrastructure for Argentina. He mentions the judicial representation that Loma Negra's presence in the allegations of corruption will cause the company to be excluded from future public works contracts.

In addition, and within the financial risks, the actors point out that Mauricio Macri's policy of severe fiscal adjustment driven by the economic crisis has generated delays in payments to public work contractors (something that does not really happen) which would affect all civil markets, including Loma Negra.

This presentation is added to earlier one from last July, where other party owners, in the middle of the financial crisis and before the explosion of "bookbacks", have claimed before the same US courts not to anticipate the consequences of the Argentine financial crisis in the company's company in New York City. And while the presentation of the IPO was not warned by the banks (J.Porgan and Alaria) about the weakness of the country's fiscal situation and the proximity that the Argentine public accounts had of a possible prediction. The presentation, then and with these arguments, was initially judicial and financially unconscious. In summary, according to the jurisprudence of capitalism, losing money for structural and interchange is within the essence of capitalism. However, the same argument is the one that has returned this week, but has worsened Loma Negra's connection with the causes of corruption linked to public works in the previous government and the negative consequences derived from these events in the value of the actions. This would have violated the laws of public ethics and therefore deteriorated the shareholders. The crisis and the lack of forecasting of the banks would only aggravate the situation.

The Disk IPO was launched in November of 2017 in a tondra act in Wall Street. For this operation, the cement owned by the Brazilians of Camargo Correa raised about 980 million dollars. At that time, Sebastian Maril, an Investigator for Investigators' Investigation, warned that "this attempt opens the doors to some shareholder who initially bought actions in the IPO last year or earlier and its signatories failed to" anticipate "the Argentine economic situation and Governmental decisions on the construction sector (cited in the petition), initiate similar issues against other companies. "

The issuance of the IPO responded to approximately 50,200,000 American depots (ADS), equivalent to 251 million shares (US $ 3.80), which represent nearly 40% of the company's total value. The explanations Camargo Correa mentioned in the placement was that this money would be used to finance investments in capital in Argentina. Loma Negra is the leading cement producer in the country, accounting for 45% of the market.


Source link