Key Benefits:
The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:
ARTICLE 1 O The national State shall compensate former workers or beneficiaries of Altos Hornos Zapla with right to the Participated Property Programme (PPP) who have not been included in the said program and who were working in the company at the time of the dictation of the rule that declares it subject to privatization, in the Framework of Laws 23.696, 23.809 and Decrees 1131/90, 1213/90 and 2332/91. ARTICLE 2 O The restitution provided for in article 1 of this Act is deemed to be a subrogation under article 767 of the Civil Code. The national executive branch, through the relevant agencies, will initiate the relevant legal actions against Aceros Zapla S.A. ARTICLE 3o O The compensation set forth in this Act shall be the result of assessing the following guidelines:(a) The amount of actions that each former agent must have perceived at the date of the privatization of Altos Hornos Zapla.
(b) The value of each action will be valued in four pesos with eighty-seven cents ($4.87) to June 2004, amount that was accepted by the national state in the different judicial decisions issued by the very former CNACCF (National Court of Appeals in the Civil and Commercial Federal), in cases covered by the former workers of Altos Hornos Zapla for the recognition of the PPPs.
1. Consequently, the value of each action will be that of seventeen pesos with sixty-three cents ($ 17,63), based on the following guidelines:
1. Value of each action to June 2004 (according to the doctrine established by the Judiciary of the Nation and which is firm) four pesos with eighty-seven cents ($4.87), with more the update coefficient to July 2010 (according to IPC-INDEC that is 1,6863) that throws an updated value to July 2010: eight pesos with twenty-one cents ($ 8,21) for each action.
2. Also the interest applicable to the arrears in the payment (applicable interest rate) is that of the Banco de la Nación Argentina for its discount operations to thirty (30) days deadline ).no capitalizable: until July 2010: 114,7517%; this operation determines that the total value of each action is seventeen pesos with sixty-three cents ($ 17,63).
3. To the value determined in the previous item for each action 2), it will be added a percentage per antiquity, which is set at one percent (1%) per year of working age that would correspond to each former worker.
(c) This economic restitution provided for in this Law extends also to all those former workers or their beneficiaries who for whatever reason could not avail themselves of the High Shoes Participated Property Program, or who, incorporated into the program, would have been excluded.
ARTICLE 4o O In the period of sixty (60) days, the Ministry of Economy and Public Finance shall notify the former workers or their beneficiaries of Altos Hornos Zapla, as set out in article 1 of this law, of the corresponding liquidations calculated in accordance with the guidelines set out in this Act.In addition, and with the notification set out in the preceding paragraph, the former workers or their beneficiaries shall be informed of the documentation to be accompanied with the aim of adhering to the collection of the compensation set out in the present paragraph.
ARTICLE 5o O All judicial cases for claims articulated by former workers of Altos Hornos Zapla or their right-holders are suspended for the term of one hundred and eighty (180) days, against the company for the failure of the Participated Property Program. ARTICLE 6o O Payment to ex-workers or their beneficiaries of the compensation provided for in this Act shall be made in accordance with the provisions of Acts 23.982 and 25,344 and Articles 59 and 60 of Act No. 26,546.In the event of a trial, the withdrawal must be carried out and approved by the competent court, which shall be forwarded by the corresponding court, to the Ministry of Economy and Public Finance to proceed with the corresponding judicial deposit.
ARTICLE 7o O For the event that former workers or their beneficiaries have received the payment for a court ruling and the amount received is less than the amount resulting from this law, they may claim to the Ministry of Public Economy and Finance (or the agencies designated by it) the resulting difference. ARTICLE 8o O The inembargobility of the amounts received in accordance with the provisions of the present Act, with the exception of such inembargobility to the provisions of a food nature, should be established. ARTICLE 9o O This law will begin to govern from the date of its publication in the Official Gazette. ARTICLE 10. Contact the national executive branch.IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, THE THREE DAY OF AUGUST OF THE YEAR DOS MIL ONCE.
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JULY C. C. COBOS. . PATRICIA S. FADEL. . Enrique Hidalgo. . Juan H. Estrada.
