Land worth $51 million adds to list of undisclosed assets belonging to Argentina's Macri [View all]
Last edited Mon Aug 21, 2017, 03:40 PM - Edit history (1)
Documents obtained from the Buenos Aires Province Revenue Agency (ARBA) have uncovered real estate owned by Argentine President Mauricio Macri worth over ten times the value of assets he had declared in his legally required financial disclosure statements.
The land, 32.5 hectares (80 acres) in the Buenos Aires suburb of Bella Vista, has a tax valuation of 122 million pesos ($7 million); but its current market value is estimated at 900 million to one billion pesos ($51-56 million).
Macri had denied ownership of the property in a 2012 Perfil story, claiming at the time that he had "sold the land years ago to the Eidico company, which was responsible for the commercialization of said neighborhood." The neighborhood, the Buenos Aires Village gated community, comprises 250 residential lots averaging 915 m² (9,850 ft²); one of the few remaining unbuilt lots is currently on the market for $220,000.
The property adds to a lengthy list of undisclosed assets belonging to the Argentine president, the first of which emerged during last year's Panama Papers scandal. The ICIJ investigation revealed over 50 offshore shell companies worth at least $55 million in which he was either sole proprietor or controlled through a partnership or trust (typically with family members or relatives).
His family conglomerate, Socma, was recently found to be in partnership with the disgraced Brazilian public contractor Odebrecht in the Blackwood Group, an Antigua & Barbuda-registered consulting firm operating from the same bank branch that Odebrecht used to funnel over $1.6 billion in bribes to officials and influential individuals in 12 countries.
None had been declared in his annual financial disclosure statement, as required by Argentine law of all elected officials and candidates to public office.
Money laundering and tax evasion charges against Macri and his relatives languished in Argentina's criminal courts for over a year, and were remanded on August 3 to a civil court. "I'm glad it's over," Macri declared at the time.
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