By Sebastian Premici
The recommendation of the Attorney General to Supreme Court to keep the intervention is based on the irregularities of the meeting objected to by the Securities Commission. Also confirmed the latter's authority over the company.
Attorney General's Office, Esteban Righi, recommended to the Supreme Court continue to judicial intervention in newsprint. This follows from two reports concluded yesterday by the official, who dismissed two decisions of the Hall C of the Appeals Chamber of Trade. The writings also reaffirmed the authority of a National Securities Commission (CNV) to oversee the publicly traded companies. According to Righi said, the authority has the CNV allowed to declare an irregular and ineffective board assembly held on November 4, 2009. Now, the Supreme Court shall be issued on the special appeal by the CNV, which may accept or not recommended by the chief prosecutor of the Nation.
This is the second setback in a week for private shareholders of the company (Grupo Clarín and La Nación). After several months, following the decision of Judge Eduardo Malde, shareholders yesterday by the State attended a meeting of directors.
"Around the world recognizes the importance for regulators to have full capacity to control and monitor the markets and corporations. The opinion the prosecutor endorsed the powers of the SEC and is of paramount importance to ensure the democratic system, "said Alejandro Vanoli Pagina/12, head of the CNV.
On November 19, 2009, the regulator issued Resolution 16222, for which said two assemblies erratic and ineffective Newsprint directory. According to the SEC, private shareholders had elected directors unevenly, in addition to altering the agenda and have the presence of authorities who were not formally designated, who approved balances of the company. At the same meeting was also prevented the assumption of Alberto Gonzalez Arzac in Committee Surveillance.
Based on this situation, the more "disobedience to purge vice-making in other meetings of directors," he explained to this newspaper Vanoli, "the agency sought the judicial intervention of the company. The judge in the commercial Eduardo Malde accepted this request and appointed a co-manager. This occurred in March 2010.
The decision was appealed by private shareholders and the Hall C of the Court of Appeals in Commercial Matters, composed of Judges José Luis Monti, Alfredo and Juan Garibotto Kölliker Frers-resolved slow to intervene. Also suspended by the state shareholders, a situation that was just reverse this week from a new ruling by the judge Malde.
Given this context, the NSC requested a special appeal to the Supreme Court to be issued on the subject. The high court accepted the request as a follow up to the attorney general sent him all the extra resources on newsprint. For the CNV, this meant the possibility that the Court is issued on the merits. "We do not expect anything anytime soon, I estimate that after the election will be decided. But it is a good sign," he told this newspaper a high government source.
Righi's ruling, which followed the fiscal fundamentals of the case, is conclusive as to the interpretation conducted by the appellate court. "It is untrue that the statement of irregularity and inefficiency of the administrative effects of company documents must be preceded by a summary. The oversight function of the CNV in the capital market is essential and ignore the ruling, in particular, the scope of duty of information that are subject controlled companies and the projection that carries the breach of those duties on third parties, savers and investors, "said Righi opinion.
Beyond the dispute that pits the government and the private managers of newsprint, the opinion of Righi advanced on a "legal order" to affirm and strengthen auditing power the CNV and its power to declare illegal and ineffective administrative purposes. Thus, if the Court were to adopt the approach followed by Righi, private shareholders of the paper can not fail to comply with the observations made by the SEC in the future. In addition, coadministration should reinstall the judiciary.
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spremici@pagina12.com.ar
http://www.pagina12.com.ar/diario/economia/ 2-168446-2011-05-19.html
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