News

Peru's Land Reform Bonds Spark An International Legal Battle

A bitter legal battle is under way in Latin America. At the beginning of June, the hedge fund Gramercy filed a case against Peru over the valuation of “land reform bonds” dating back to the 1960s and 70s.

Gramercy Files $1.6 Billion Claim Against Peru Over Land Bonds

BLOOMBERG - Gramercy Funds Management LLC is seeking to enter arbitration with Peru over the $1.6 billion it says it’s owed from decades-old defaulted bonds.

Big Rating Agencies Steer Clear of Peru’s Defaulted Debt

NEXT FT - The world’s largest credit rating agencies are resisting efforts by a US hedge fund to embroil them in a $1.6bn dispute over Peru’s long-defaulted cold war-era debt.

Hedge Fund Files $1.6 Billion Claim Against Peru Over Land Bonds

Gramercy Funds Management LLC said Thursday that it has filed a $1.6 billion claim against Peru over a dispute related to decades-old land bonds.

House Panel Blasts SEC’s Oversight Of Rating Agencies

LAW360 - The U.S. Securities and Exchange Commission’s efforts to police credit rating agencies after the financial crisis came under congressional fire.

Peru Finance Minister Defends Handling of Land Bonds Dispute

WSJ - Peru's Finance Minister, Alonso Segura on Wednesday defended the country’s handling of a dispute over land bonds on which it had defaulted decades ago.

Editorial: Un Pagaré Añejo

EL COMERCIO - El Gobierno Peruano ha recibido una notificación preliminar del fondo de inversiones Gramercy y otras tres entidades que indica la intención de someter a nuestro país a una reclamación de arbitraje por los bonos impagos de la reforma agraria.

The Strange Case Of Gramercy And The Peruvian Land Bonds

FORBES - The emerging-markets hedge fund Gramercy Funds Management LLC has filed a Notice of Intent to pursue an international arbitration claim for $1.3bn damages against Peru.

Gramercy files $1.3bn claim against Peru

FT - A US hedge fund has filed a $1.3bn claim against Peru over the government’s alleged refusal to repay long-defaulted local bonds at a reasonable rate.

Hedge Fund Challenges Peru on Land Bonds

WSJ - Hedge Fund Challenges Peru on Land Bonds with tactics are similar to those used in Argentina, Greece and Iceland.

Fitch, Moody's And Standard & Poor Haven't Learned Enough From The Financial Crisis

FORBES OPINION - These agencies–Fitch, Moody’s and Standard & Poor’s–stood accused of defrauding investors by offering overly favorable assessments in prior years.

Peru's unpaid agrarian bonds: My family's quest

UPI - Tashta Ocharutunan, in the department of Ancash, about 800 kilometers (500 miles) north of Lima, is the name of my family's expropriated farm.

Haunted by a legacy of betrayal, Peruvians still seek justice

THE HILL - Forty-six years ago, government officials backed by soldiers drove their trucks up to my family’s farmhouse in Peru.

Peruvian Judge Files Complaint Over Bond Ruling

FASTFT - A senior Peruvian judge has filed a criminal complaint alleging his signature on a crucial legal ruling on $5bn worth of long-defaulted bonds was altered...

Hedge fund threatens Peru over debts to former landowners

FT - Creditors say they were short-changed by repayment plan for expropriated estate. When Peruvian general Juan Velasco seized power in 1969...

Peru’s test on respect for rule of law

MIAMI HERALD - The IMF and World Bank representatives that will gather in Lima this week will likely laud the host country’s economic success over the past 15 years and with good reason. Left out of that praise and good feelings about the success of institutions and the law will be a long-standing default that the government of Peru has yet to resolve.

Peru: Agrarian Bonds Remain Unpaid

THE MARKET MOGUL - The issue of unpaid agrarian bonds has plagued the Peruvian government for the last three decades, impacting on the country’s ability to attract foreign investment and the price of sovereign bonds issued.

Peru land bonds: hitting the jackpot?

FINANCIAL TIMES - Pick a number, any number. You might just hit on the amount Peru’s government will have to pay out to the holders of 40-year-old “land bonds”

Peru court orders gov't to pay 40-year-old bonds worth billions

REUTERS - Peru's top court on Tuesday ordered the government to pay 40-year-old land reform bonds at their current value and with interest

Payday Looms on Dictator’s Defaulted Bonds in Peru: Andes Credit

BLOOMBERG NEWS - Jose Poma was a university student when his grandfather’s rice plantation was seized in 1971 under the land redistribution law of Peruvian dictator

Peru's land-reform debt payout could be minimal, bondholders say

REUTERS - A Peruvian court's decision ordering the government to honor debt owed for land confiscated under a redistribution program 40 years ago will likely end

Peru's Merino to push for payment of defaulted bonds

REUTERS - Beatriz Merino, arguably the most respected public figure in Peru, is taking on a new role as the advocate for holders of the country's infamous land bonds

Peru's Congress Approves Bill to Pay Land Bonds

REUTERS - Peru's Congress approved a bill on Monday to finally pay the country's infamous land reforms bonds some 40 years after they were issued