Argentina Won’t Expropriate Soy Trader in Fernandez U-Turn
- Country had aimed to take over bankrupt soy giant Vicentin
- Government now says it won’t risk taking on its private debt
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Argentina is backtracking on a plan to intervene in the bankruptcy of soy processor Vicentin SAIC, marking a dramatic reversal from efforts to take over the company in some way or other.
The government won’t risk taking on Vicentin’s private debt and making Argentines responsible for its management’s “irresponsible” decision-making, President Alberto Fernandez said on Twitter. Fernandez said the government was annulling its June 9 decree announcing the takeover because the judge overseeing Vicentin’s bankruptcy hadn’t allowed it to push aside current management in favor of government officials.