A company that was criminally reported by the CNV entered the Crisis Preventive Process

After learning of the criminal complaint from the National Securities Commission (CNV), Surcos decided to enter the Crisis Preventive Process “given the imminent need to reduce its cost structure.”

As explained in the minutes of the company’s Board of Directors meeting, this procedure will allow “a series of measures to be taken to adapt the structure of human resources, with the aim of mitigating the impact of the effects of the worsening of the economic situation.” .

In this context, on Monday the CNV filed a criminal complaint against the phytosanitary company Surcos SA for the alleged commission of the crime of deceiving investors.

“File No. 426/2024, entitled “SURCOS SA (EX RED SURCOS SA) S/ INVESTIGATION”, is initiated as a result of the situation report of SURCOS SA, prepared based on what was reported by the competent areas of the organization in relation to to the Relevant Facts published in the Financial Information Highway linked to the inability of SURCOS SA to meet the payment of a promissory note due on November 28 of the current year and the downgrade imposed by FIX SCR SA on said company”, begins by explaining the CNV resolution.

“Consequently, the reference file was prepared, determining that there were reasonable grounds for filing a criminal complaint, under the terms of article 177 of the National Criminal Procedure Code and article 20 of Law No. 26,831, with respect to SURCOS SA, for the alleged commission of the crime classified in article 309, section 1), subsection b) of the Code Penalty of the Argentine Nation,” the text explained.

Said article -309 of the Penal Code of Argentina- establishes imprisonment of 1 to 4 years; fine of 2 to 8 times the value of the operations carried out; and special disqualification of up to 6 years.

In any case, as he was able to find out Clarín Rural have not yet been notified of the complaint by any court and confirm that they completed every necessary step.

In a letter addressed to the National Securities Commission, Bolsas y Mercados Argentinos SA and the Mercado Abierto Electrónico, the phytosanitary company defended itself and said that the company “will fully exercise his right of defense“. Furthermore, in the text, signed by Sebastián Calvo, head of Market Relations at Surcos SA, he noted that “a precautionary measure has been decreed to inhibit assets and seize US$5,547,816 plus the sum of “US$ 2,000,0000 provisionally estimated to cover interest payments.”

“It is reported that the company has requested negotiations with its investors with the objective of reviewing its financial profile, and in this context, it has held a meeting with them within the framework of presenting general guidelines for a comprehensive restructuring proposal. oriented to financial creditors Society. is working on a proposal to present to its investorswhich reflects our commitment to the stability of the company,” the letter closed.

Surcos had informed the National Securities Commission on November 28 that it had not been able to pay a stock promissory note of US$500,000. Then, a week later, he announced that he could not afford the payment of stock market promissory notes of US$ 3.5 million and more than $ 9.3 billion that go from November of this year to June 2025.

Among the reasons for this situation, according to company sources, The investment plan to expand was not compatible with the drop in phytosanitary sales.

The phytosanitary market fell this year from approximately US$4.1 billion to US$3 billion. And Surcos had an average industry drop of 32%. “The investment made in the international expansion plan allowed us to work with multinational standards in more than 300 trials in Brazil, the United States and main producing countries. Currently, it has 80 registrations in 12 countries that can be quickly adopted by licensees. In addition, there are 98 patent applications in 18 countries for more environmentally friendly, biological and plant nutrition chemical products”; they pointed out from the firm.