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Argentina leader abandons intervention of soymeal giant Vicentin, he says in tweet

Credit: REUTERS/Agustin Marcarian

Argentine President Alberto Fernandez has annulled his decree ordering the government's intervention in cash-strapped soy meal giant Vicentin, according to a tweet sent by the Peronist leader late on Friday.

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BUENOS AIRES, July 31 (Reuters) - Argentine President Alberto Fernandez has annulled his decree ordering the government's intervention in cash-strapped soy meal giant Vicentin, according to a tweet sent by the Peronist leader late on Friday.

In early June Fernandez said his government would "rescue" Vicentin, once Argentina's top soymeal exporter, after the family-owned company went broke last year. The move was criticized by farmers and industry leaders who characterized it as meddling in the private sector.

"We have repealed the decree that ordered the intervention of Vicentin," Fernandez wrote on Twitter.

The intervention called for government officials to be appointed to Vicentin's management. But a judge later stopped the government-appointed managers from acting as more than observers, a ruling that frustrated the government's plan and left Vicentin's original management team in place.

"The national government will not commit public resources while the current board of directors remains in the company, nor will it form a trust sharing its management," Fernandez tweeted. (Reporting by Hugh Bronstein and Maximilian Heath; Editing by Leslie Adler and Daniel Wallis) ((hugh.bronstein@thomsonreuters.com; 5411 4318 0655; Reuters Messaging: hugh.bronstein.thomsonreuters.com@reuters.net)) Keywords: ARGENTINA GRAINS/VICENTIN (UPDATE 1)

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