The chairman of Vicentin’s board of directors, Omar Adolfo Scarel, after being released this Wednesday in Rosario. (Photo: JUAN JOSE GARCIA9
The president of the oil company Vicentin, Omar Scarel, was released this Wednesday in Rosarioby order of the judge Nicolás Fopiani, who rejected the request for pre-trial detention requested by the prosecutor Sebastián Narvaja, for which the accused had been deprived of his liberty since Monday morning.
In the Santa Fe criminal system, prosecutors can order the arrest of a defendant as well a court hearing must be held within 72 hours, who ultimately is the one who decides whether to convert this measure into pre-trial detention. In this, Fopiani ordered his release with a real bail of US $ 500,000 and asked not to use the criminal system to influence judicial processes in other jurisdictions.
Scarel was arrested in Avellaneda (500 km north of Rosario, in the same province of Santa Fe) for “alleged violation or disobedience to a precautionary measure, which establishes restrictions on any transfer of assets or shares of the company “.
In the agro-industrial company they are convinced that this arrest was aimed to hinder the judicial competition to pay off the debt of 1,350 million dollarswhich already has the approval of over 800 interested manufacturers.
Several Vicentin directors were on Wednesday at the Economic Crimes Unit of the Rosario Public Prosecutor’s Office to accompany the prime minister, Omar Adolfo Scarel, who was released. (Photo: JUAN JOSE GARCIA) –
In this sense, «it is very surprising that this happens, when the majority of seats needed to approve the insolvency proposal was reached and when the dispute is close to being resolved with the approval of the financial institutions “. Now, with Scarel’s release from prison, and Judge Fappiani’s determination clearing suspicion, they are confident that the bankruptcy process will continue to advance.
Scarel was charged with the eventual sale of shares in the Renova companyin which Vicentin is associated with Viterra, a multinational that is part of the consortium of Strategic Interested Parties, which would remain with the company as a resolution of the competition to pay the debt of 1,350 US dollars to more than 1,500 creditors, including producers, collectors, others exporters and banks.
In this context, the alleged non-compliance was not only not made effective, but also formulated part of Vicentin’s proposal to pay his creditors; which was extensively disclosed, publicly and transparently, and it was also approved by the competition judge, Fabián Lorenzini.
After the executive’s arrest, the company released a statement describing him as “absolutely unjustified, arbitrary and excessive”. They assured that “there is no reasonable argument that justifies a measure of this gravity” and they hope “that this proceeding will be rectified immediately”.
And they point out that both Scarel and all the members of the company’s Board of Directors “have always lived up to the law, at the disposal of justice”.
Arguing that the detention has no justification, Vicentín said the alleged violation or disobedience of a precautionary measure issued, which establishes restrictions on possible transfers of assets or shares of the company is “absolutely falseas the company has in no way violated these restrictions. ”
They also stated that “all bankruptcy agreements reached to date are pre-contractual ad referendum of the respective jurisdictional resolutions and the revocation of the precautionary measures filed “.
The formal proposal included in the file involves dollar payments of up to US $ 30,000 to each of the creditors, which pay off the debts of 791 producers, inventories and cooperatives.
If the litigation were successful, Vicentin’s shareholders would sell 33.33% of the shares they still hold in the Renova company (in partnership with Viterra) and the 300 million US dollars that will be obtained from this transaction will be used to pay the creditors. .
Also, Vicentin’s current shareholders will sell 95% of their shares which will pass to creditorswhich will capitalize the remainder of its receivables in shares set up in a trust until the final payment is consolidated, estimated at US $ 180 million.
The duration of the insolvency period would be set at 12 years and once that term has elapsed and the related final payments have been established, these actions would pass priority to Strategic Investors: Viterra, Association of Argentine Cooperatives and Bunge Argentina.