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The New York-based company said it reported the irregularities promptly to the S.E.C. after discovering them in 2010, fired the responsible employees and closed its offices and stores in Argentina. Economic analysts blamed Ralph Lauren's closure last year on import hurdles and currency controls that kept it from getting its products in and its profits out. Others made similar complaints as they abandoned Argentina, an exodus of designer labels that included Emporio Armani, Yves Saint Laurent, Escada, Calvin Klein Underwear, Louis Vuitton, Kenzo and Cartier. Argentina's policies are aimed at forcing multinational corporations to foster domestic production and invest their profits inside the country. A series of ever-changing, unpublished rules have enabled bureaucrats to hold up import licenses until businesses promise to match their cargo's value by shifting an equal amount of production or investment to Argentina.
[Associated
Press;
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