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Japan Banks Sue Argentina, Claim 10.7 Billion Yen Bond Debt
Bloomberg
June 30, 2009

By Takahiko Hyuga

June 30 (Bloomberg) -- Mitsubishi UFJ Financial Group Inc., Shinsei Bank Ltd. and Mizuho Crporate Bank Ltd. have filed suit against the Argentine government, claiming 10.7 billion yen ($111 million) owed from bond purchases, the banks said in a statement.

The three banks are so-called commissioned companies for holders of the Samurai bonds sold by the Argentine Republic from 1996 through 2000, according to the statement published in the Nikkei newspaper this morning. The banks' role is to ensure holders of the bonds are paid. The statement in the newspaper doesn't name the holders.

The banks claim 3.855 billion yen is owed on bonds sold in 1996, 500 million yen in 1999, 3.66 billion yen in 2000 and another 2.68 billion yen in 2000, according to the statement.

"We've asked the republic to pay the principal voluntarily. Unfortunately, the republic hasn't responded," the banks said in the statement.

A telephone call before office hours to the Tokyo Embassy of the Republic of Argentina for comment was forwarded to voicemail.

To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net

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