Post by Logan on Jun 3, 2016 7:56:58 GMT -6
IMA, Peru (AP) — A Connecticut hedge fund has filed a $1.6 billion claim against Peru in a decades-old dispute over bonds issued by the nation's former dictator.
In the claim filed Thursday, Gramercy Funds Management accuses Peru of indirectly expropriating its investment in bonds in violation of a bilateral free trade agreement.
Peru in the 1980s began defaulting on bonds used to pay for military dictator Juan Velasco's agrarian reform a decade earlier.
Gramercy said it and other investors were short-changed billions because of Peru's failure to abide by a local court ruling and repay the defaulted debt accounting for inflation.
Read more: www.stamfordadvocate.com/news/world/article/US-hedge-fund-files-claim-against-Peru-over-7960242.php
In the claim filed Thursday, Gramercy Funds Management accuses Peru of indirectly expropriating its investment in bonds in violation of a bilateral free trade agreement.
Peru in the 1980s began defaulting on bonds used to pay for military dictator Juan Velasco's agrarian reform a decade earlier.
Gramercy said it and other investors were short-changed billions because of Peru's failure to abide by a local court ruling and repay the defaulted debt accounting for inflation.
Read more: www.stamfordadvocate.com/news/world/article/US-hedge-fund-files-claim-against-Peru-over-7960242.php