Receivers called in on Correo Argentino

Correo Argentino called in the receivers a few weeks ago and the process has now been approved by a judge.
The company which is controlled by the Macri group declared a debt of US$737 million of which about US$260 million corresponds to unpaid levies to the Argentinian government since 1999. Franco Macri, president of Sideco, the company which controls 68.5 percent of the shares of Correo, blamed the government and disloyal competition for the firms case crisis.
The governments Ministry of Infrastructure has admitted that the state did owe Correo US$34 million for unpaid services in 1999 but has so far failed to recognise the US$800 million that Correo claims it is also owed for the states non-fulfilment of the contract.