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Factory Owned by US Investor Dart Searched in Argentina

Dart Sudamericana owner is among litigants seeking hundreds of millions over Argentina’s 2001 default.

BUENOS AIRES -- Authorities investigating alleged tax and currency exchange fraud Tuesday searched the factory of a U.S. investor who is among litigants seeking hundreds of millions over Argentina's 2001 default.

The federal tax agency said more than 50 agents were searching Dart Sudamericana, a business owned by Kenneth Dart that makes foam drinking cups.

The statement noted that Dart is part of a hedge fund, EM Limited, seeking more than $700 million on bonds that the government defaulted on in 2001.

Dart is not part of two other hedge funds -- NML Capital and Aurelius -- that separately are seeking another $1.3 billion from Argentina as full payment on defaulted bonds.

Last week, they rejected an offer that would have given them just 25% of the value of the bonds.

Copyright Agence France-Presse, 2013

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