Federal Administrative judge Claudia Rodríguez Vidal has rejected Citibank’s injunction plea against the Central Bank, who have suspended the financial entity’s Argentine chief Gabriel Ribisch due to a deal struck with holdout investors.
Ribisch saw his license to operate in Argentina removed by the Central Bank, after Citi came to an agreement with the so-called ‘vulture funds’ to meet debt services previously prohibited by New York magistrate Thomas Griesa.
Rodríguez Vidal’s ruling was handed down in docket No. 14698/2015 «CITIBANK NA c/ EN-BCRA Y OTROS s/ AMPARO LEY 16.986, Télam heard from court sources.
In her decision, the judge held that «due to the general nature and imprecision with which the injunction was requested, not only can I not find, in this time, the danger in a delay explained, but the veracity of the right invoked cannot be found either, as article 230 of the Civil and Commercial Code demands.»
«It has not been showed that immediate harm to the company could occur during the implentation of this summary action, which would make it necessary ahead of an eventual sentence in its favour, or that the workings of the bank have been threatened in any real way, while the bank admits that it is currently operating without problems,» the ruling continued.
The judge’s conclusion comes from a report emitted by the Central Bank, in which «the normal management of the entity in relation to the delegation of tasks and powers in key operating areas of the bank has been confirmed.»
Source: Buenos Aires Herald