Race to Freeze Pinochet's Alleged Fortune in Gold
By Daniela Estrada
SANTIAGO, Oct 25, 2006 (IPS) - Former Chilean dictator Augusto Pinochet (1973-1990) has 160 million dollars worth of gold deposited in his name in a Hong Kong bank, according to information that the government of President Michelle Bachelet has passed on to the courts. Now, every minute counts to prevent the alleged fortune in gold from being hidden once again.
"We have always said that Pinochet's fortune exceeded 100 million dollars," stated Jorge Insunza, lawyer for the plaintiffs in the so-called Riggs case, in which the 90-year-old former dictator is being investigated and prosecuted for embezzlement and tax evasion.
The case opened in 2004 after the U.S. Senate reported that secret accounts in the Washington, D.C.-based Riggs Bank and other financial institutions around the world held millions of dollars in the names of Pinochet, his family and cronies.
Insunza was reacting to reports that were published Wednesday by the local newspapers El Mercurio and La Nación and confirmed by Chilean Foreign Minister Alejandro Foxley, who said Pinochet may be holding 9,000 kg of gold in the Hongkong & Shanghai Banking Corp (HSBC).
Insunza said he believes the origin of the fortune lies in "commissions from arms sales."
Foxley confirmed Wednesday that the Foreign Ministry had received the information a few days previously and immediately relayed it to the Santiago Court of Appeals and the State Defence Council (CDE), which is representing and advising the state in prosecutions against Pinochet.
The minister said the information reached the Foreign Ministry "through some of our diplomatic missions abroad," but did not provide further details.
"The important thing is for the information to be processed and analysed quickly, and for precautionary measures to be taken without delay. After that, a thorough but swift investigation must be carried out," said Foxley.
The CDE stated in a communiqué Wednesday that the Foreign Ministry informed it on Monday of a supposed deposit of gold in the name of Augusto Pinochet in the HSBC, and provided "legible photocopies of commercial certificates and documents on the transaction."
The prosecutors have asked the courts to take precautionary measures to prevent any gold or funds from being moved.
Judge Sergio Muñoz, who was previously handling the Riggs case, established that the retired general amassed a fortune of at least 26.9 million dollars, and evaded paying 8.77 billion pesos (16 million dollars) in taxes.
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