ANNOUNCEMENT 05 Aug 2009In August 2009, the government of Argentina announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Law 26.501 (August 5, 2009) published Official Journal of the Argentinian Republic (Boletin Oficial de la Republica Argentina, Numero 31.724, 27 de Agosto de 2009): http://www.boletinoficial.gov.ar/Inicio/Index.castle
France 24 (with AFP): http://mobile.france24.com/en/20090317-kirchner-nationalise-us-run-aircraft-factory-
Le Figaro (with AFP): http://www.lefigaro.fr/flash-actu/2009/03/17/01011-20090317FILWWW00545-l-argentine-nationalise-une-usine-lockheed.php
El Economista: http://www.eleconomista.es/economia/noticias/1105909/03/09/Kirchner-anuncia-la-nacionalizacion-de-la-fabrica-de-aviones-LockheedMartin.html
On August 5, 2009, the Argentinian Senate passed the Law 26.501 on the nationalisation of the aircraft manufacturer Lockheed Martin Aircraft Argentina Sociedad Anomina owned by the American firm Lockheed Martin, one of the major company operating in the defence and aeronautic industry.
This nationalisation had been announced by the Argentinian President Christina Kirchner on March 17, 2009 and the Chamber of Deputies passed the bill on May 21, 2009. The Cordoba-based Fabrica Militar de Aviones had been privatized and sold to Lockheed Martin in the 1990s before Argentina decided to re-nationalise it for USD 64 million.
The Law 26.501 'Autorizase al Poder Ejecutivo Nacional a ejercer la opcion de compra de las acciones de Lockheed Martin Aircraft Argentina Sociedad Anonima' was promulgated on August 21, 2009 and published in the Argentinian Official Journal No 31.724 on August 27, 2009.
This measure is included in the GTA database because the nationalisation was forced and the compensation of Lockheed Martin is most likely to the detriment of their commercial interests.