WASHINGTON, April 9, 2014 /PRNewswire/ -- On Thursday April 10, American Task Force Argentina will hold a press teleconference. The purpose of this call is to provide an update on the Argentine government's lack of transparency in several important areas, starting with the recent news that Lazaro Baez, a close ally and confidant of Argentine President Cristina Kirchner, is using the state of Nevada to launder stolen state funds.
As reported in the media this week, ATFA member NML Capital is seeking a court order to compel 123 companies that are affiliated with Baez to produce documents that could help locate stolen Argentine state assets. Baez's ties to Argentina's president are well known. He is currently under investigation by Argentine prosecutors for embezzling over $65 million of state funds and transferring those funds out of Argentina through his companies in Nevada and elsewhere. If Baez is convicted of embezzlement, any located stolen funds would be the property of Argentina and therefore could be used to satisfy U.S. court judgments owed to NML.
"Argentina has used elaborate stratagems to shield its assets, and the courts have accused it of acting in 'bad faith' in this regard, said Robert Shapiro, ATFA's Chair.
ATFA's co-chair, Ambassador Nancy Soderberg, also pointed to news reports this week which show that Argentine officials are meeting with potential investors in Washington, D.C. El Cronista reports that Economy Minister Axel Kicilloff plans to meet with "businessmen who have companies in Argentina or who intend to invest in the country."
"Argentina refuses to even sit down with American and other foreign bondholders, and it tells American judges that it won't comply with court orders. Until it changes its behavior, it won't attract the investment that it needs for sound growth," said Soderberg.
**Attorney Robert Cohen will appear as a guest on the call to answer any questions regarding the motion to compel and the case against Baez in Nevada.
Toll-free call-in numbers: United States / Canada: 1-800-895-0231 or +1-785-424-1054; Argentina: 0-800-666-0250; Mexico: 001-800-514-6145; Brazil: 0-800-891-6744
Conference ID: ATFA (Please note, if an international participant is unable to access the call using the international toll free number for their country, please dial in using the toll (785) number)
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Robert Cohen is a Partner at Dechert LLP, and is co-head of the firm's global international dispute resolution practice. He has served several times on the firm's Policy Committee. His more than 40 years of experience has included the litigation (including jury trials), arbitration and mediation of complex commercial disputes, often with an international dimension. Mr. Cohen has been regularly recognized by Benchmark Litigation as a "Litigation Star," most recently in the areas of antitrust, intellectual property and general commercial litigation.
About the American Task Force Argentina
The American Task Force Argentina (ATFA) is an alliance of organizations united for a just and fair reconciliation of the Argentine government's 2001 debt default and subsequent restructuring. Our members work with lawmakers, the media, and other interested parties to encourage the United States government to vigorously pursue a negotiated settlement with the Argentine government in the interests of American stakeholders.