The company had sent a note to its clients in the midst of a tense financial day and blamed an employee. what the company said
By iProfessional
23/04/2023 – 09,50hs
The Max Capital stock company apologized to the Minister of Economy Sergio Massa for having installed a rumor about an alleged devaluation within the framework of the rise of the dollar.
“We want to send you, directlyour heartfelt apologies for the mistake of an employee of our company that generated the dissemination of an absolutely unfounded rumor about an alleged exchange devaluation,” the company said.
He clarified that “such a perspective does not represent the institutional opinion of the Max Capital Group on the economy.”
Max Capital apologizes for installing devaluation rumor
He also indicated that the same day the letter was sent, the president of Max Capital Asset Management, Nicolás Guaia, had stated: “I think there will not be a devaluation jump this year.”
“We are fully aware of the damage that reproductions of this type can cause in the current economic situation. We have already apologized publicly, but we also wanted to send you our apology directly. We are at your disposal to clarify what happened and continue working for the growth of the Argentine capital market,” Max Capital said in the letter.
After transcending the message that the company had sent to its clients, in a tense financial day, the Ministry of Economy had indicated that it would criminally denounce to that brokerage firm for spreading the rumors.
Devaluation Rumors: Max Capital
The Ministry of Economy reacts to the rumor
He Ministry of Economy reported that will open a summary brokerage company Max Capital SA for spreading that on Monday there could be a 50% devaluation of the peso and fueling rumors of a resignation by the minister, Sergio Massa.
They will also seek to have it intervened by the National Securities Commission, which regulates this type of financial companies. “We are going to fall with the Gendarmerie,” they assured in the Palacio de Hacienda.
According to official sources, the message was “sent by the company to all its customers” and it went viral in a few minutes. “They sent it to their entire fund base abroad. Those funds forwarded us the message asking if that could be true, but we made it clear that they were nonsense rumors,” they added.
Specifically, the message issued by the stock exchange company indicates -in a text in English- that there are “very strong rumors of a currency devaluation on Monday (by April 24) circulating in the local market”.
“FX DEVALUATION RUMORS: VERY strong rumors of a currency devaluation on Monday are circulating in the local market. The BCRA would not allow any importer to access the foreign exchange market today, telling them that the window will reopen on Monday. It is rumored that this is why President Fernández resigned today from the presidential race,” says the text that circulated.
The Ministry of Economy informed that it will open a summary to the stock company Max Capital SA
“The rumor is a 50% devaluation right at the open. The question locally is whether Massa will stay in office afterwards. BCS (counted on liquid) weakened to 453 from 435 yesterday (vs 405 last Friday) fueled by these rumors. NDF (futures) and USD market-linked bonds are in high demand. The government is now again trying to sell off globals to tame the BCS.”
