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Argentine federal judge freezes Grupo Indalo's assets, including Banco Finansur

In themidst of tax authority AFIP's investigation into tax evasion at , an Argentine federal courtjudge has ordered that the assets of the group's owner, Cristóbal López, and hispartner Fabián de Sousa, be frozen, including their participation in subsidiaryBanco Finansur SA.

In aJuly 18 securities filing, Banco Finansur said the measure would only affect thestake in the company held by the two executives and that the move should not affectthe bank's day-to-day operations or its capacity to meet its obligations.

JudgeJulián Ercolini, who ordered the freezing of Lopez and De Sousa's assets, accusedAFIP of "excessive laxness" and "lack of control," which allowedGrupo Indalo to avoid paying the fuel tax and to instead use the funds to capitalizesubsidiaries in the group, Cronista reportedJuly 14.

AFIPannounced earlier in 2016 that Grupo Indalo owed a hefty amount in unpaid taxes,which triggered rumors that López was looking to sell Banco Finansur and the group's insurance unit to raisefunds.

So farno such sale has been agreed upon, although a shareholder in Banco Finansur signed an agreement recentlyto sell 30% of the bank to SancorSeguros. Grupo Indalo owns the other 70%.