Considering the legal “concluded” status of the case, filed as a Hierarchical Remedy before the National Administration with the No. 190.650/95, within the legal Framework of Decree 2140/91, and provided the same was declared as State Terrorism [1], Eduardo Saiegh addresses the National Administration by means of the Executive Branch in the person of the Country’s President, in order to make a proposal for a final resolution. This proposal consists of the contribution of a significant part of the Compensation Funds acknowledged by the Government, for the creation of an Investment and Social Economic Fund –FIDES- (for its acronym in Spanish)  This would be a Binational Argentine-American Fund called “FIDES ARUS” (again for its acronym in Spanish).


Architect Eduardo Saiegh was unlawfully disempowered of his Bank (the Banco Latinoamericano) in 1980. Today that Bank is under the management of the National State. No Bankruptcy Sentence has been issued so far, 28 years after said disempowerment.

All the legal steps stated by law were complied with. Therefore Saiegh is entitled to recover his assets and the State should proceed to return them under the same conditions back then. The latter is not feasible –See Report No. 85/90 issued by the Treasury Attorney -. This Report, as well as many others issued by the Procurement, categorically indicates that the National State must proceed with a monetary compensation.

Five years ago, E. Saiegh proposed to the Government waiving the compensation for damages, inclusive of Moral Damage as well as many other damages suffered along the last 30 years, having in all cases Final Verdicts in his favor issued by the Federal Court of Appeal for several million dollars.

That is to say, Saiegh waives to all those trials and claims as well as to the items of subjective debate (moral damages, lost profits, etc.). In exchange for that, Mr Saiegh asks for the reimbursement of an absolutely objective and unquestionable figure regarding the Bank he was disempowered of, i.e. the updated capital (computable Asset Liability CAL), such as it was officially validated by the BCRA (Central Bank of the Argentine Republic) in 1980, and which in 2003 represented USD 15 MM to be updated to the date of effective payment

1) Declaring a Case of State Terrorism by the current Administration in 2004 and by International Courts, as documented in all Legal Proceedings of File 190,650/95, with all the legal and juridical evidence that enabled the Final Resolution of the case.

The current Administration, through the Ministry of Economy and the Treasury’s Attorney accepted this compensation criteria by their Reports in order to conclude and avoid extending damages, since this way the compensation amount to be paid by the State would be reduced in less than 10%. Then the legal sense applied was that of increasing damages for the State or the victim, in particular since this is a case where Human Rights are involved, hence being a State Policy Case for this Administration.

This agreement, due to the amount and the legal updates reviewed and completed from 2004 thru 2006 with an express Report of the Treasury Attorney, was considered fully concluded and the legal proceedings fully complied with, stating that the latter should be submitted to the President for the political decision thereof, as set forth by the regulations in force.

“FIDES ARUS” Proposal

E. Saiegh, ratifying his will to finding an honorable solution and his wish to continue working in favor of Binational Integration, proposes to the State through the President, to contributing with a substantial part of the compensation to be received for the joint creation with private US Capitals, of an Investment and Social Economic Development Fund –“FIDES ARUS”, contributing with USD 10 MM of the Capital Stock, that still belong to an legal person alive.

“FIDES ARUS’s” basic objective shall be promoting and supporting investments, both from domestic and foreign capitals. The Fund shall support productive activities, from scientific to industrial, making of productive investment a driver of economic and social development for Argentina and strengthening both countries’ bilateral relationships.

As a counterpart, E. Saiegh shall cancel all his commitments with attorneys, professional fees for over 30 years of litigation, professional counseling and other expenses brought by this case

As regards “FIDES ARUS’” operational purposes they would promote reception of technological lines abroad, tied foreign capital financing and contributions, meant for short and middle term credits, for business productive projects in the country with a high added value.

This summary shall be developed in detail upon the approval by the State of the criteria suggested in this controversy-solution proposal

Architect Eduardo E Saiegh

Buenos Aires, January 2008


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