Reuters: US Dollar Report: Argentina aims to take over controversial currency-printer

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Argentina aims to take over controversial currency-printer Aug 7th 2012, 20:33 Tue Aug 7, 2012 4:33pm EDT * Vice president under investigation over ties to company * Gov't appoints administrator at firm, aims to expropriate it * Says money-printing should be controlled by state BUENOS AIRES, Aug 7 (Reuters) - Argentina's government sent a bill to Congress o n T uesday to expropriate a currency-printing company whose ties to the country's vice president are under judicial investigation. In April, court officials raided an apartment owned by Vice President Amado Boudou to determine whether he helped printing company Ciccone Calcografica get out of bankruptcy in 2010 and later steered a contract to its new owners. The influence-peddling probe is ongoing and Boudou, a former economy minister, has not been charged with any crime. He has denied any link to the printing company, which now operates under the name Compania de Valores Sudamericana (CVS) and is controlled by a group called The Old Fund. The government said in a statement that it had appointed an administrator to oversee the company and hoped to expropriate it with congressional approval so the state could regain the exclusive authority to print Argentina's peso bills. Economy Minister Hernan Lorenzino, who served as finance secretary when Boudou was economy minister, will lead the expropriation of the company, along with the head of the state's currency-printing division, Casa de Moneda. There is a precedence for the government seizing companies. In late 2008, President Cristina Fernandez nationalized the country's private pension funds. Earlier this year, she seized a controlling stake in top energy company YPF from Spain's Repsol. Her allies regained control of Congress in last year's general election, meaning passage of the bill to take over Compania de Valores Sudamericana is virtually assured. Link this Share this Digg this Email Reprints

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