Wednesday, November 20th 2013 - 22:38 UTC

Cristina Fernandez assets increase 20% to 8 million dollars in 2012

Argentine President Cristina Fernández de Kirchner’s assets increased in a 20% whereas Vice-President Amado Boudou’s estate decreased by 3%, according to the affidavits released this week by the Justice Ministry’s Anti-Corruption Office.

The president has 20 million Pesos y banks accounts and 13 million in real estate among which the luxurious Alto Calafate Hotel in Patagonia

 The affidavits of the new faces of the economic team were also revealed. The newly-appointed Economy Minister Axel Kicillof increased his assets in 2012, from 820,495 to 968,075 Argentine Pesos. Juan Carlos Fábrega, named the next head of the Central Bank did not do so well last year, reducing his assets from 1,827,224 to 1,687,431 Pesos, which meant a reduction of more than 13%.

Cristina Fernandez declared to have 48,213,189.81 Pesos in properties in 2012. Between 2011 and last year, her assets went up thanks to rents in 3,858,000. In dollars, at the official rate (6 Pesos do the dollar) her assets are equivalent to 8 million dollars, and at the parallel rate (10 Pesos) 4.8 million.

Of the 48,000,000, almost 20,000,000 belong to bank accounts, whereas 13,000,000 are linked to property. The Argentine president currently owns five residences, 12 apartments, four premises and five plots of land.

The head of state has also invested 11,000,000 in shares in three public-limited companies focused on hotel activities. The president participates in the so-called Los Sauces SA, devoted to real estate in Río Gallegos, Santa Cruz. She is also part of HOTESUR SA, which runs the luxurious Alto Calafate Hotel in that southern province as well as in COMA SA, devoted to real estate.

Cristina Fernández, who on Monday decided on a Cabinet reshuffle after 45 days of absence to recover from head surgery she underwent in the first days of October, also said that in 2012 her debts increased. She said she was in debt with Austral Construcciones SA, Lázaro Baéz’ building company.

The president also owes 327,075 to Panatel SA, the company that runs the Panamericano Hotel in Buenos Aires City and which belongs to businessman Juan Carlos Relats. She is also in debt with Hotesur SA, the company in which she is one of the shareholders.

The president did not renew her car, a Honda CR-V. But she changed her dollar savings to pesos in June, 2012.

Vice-president Bouodu, who is currently facing several lawsuits for alleged embezzlement or for taking part in the irregular transfer of Ciccone Calcográfica print mint, declared to have reduced his assets during 2012.

Boudou, who has been replacing Cristina Fernández for the last few weeks, reportedly has assets for 1,727,107.30 Pesos. In 2011, he had lost around 60,000.

His assets include three motorbikes, one of them a Harley Davidson. The economist also declared to have an Audi A4 car, with a value of 200,000 Pesos.

He reported owning just one property: his apartment in the City neighborhood of Puerto Madero. In this affidavit, Boudou said he owned 100% of the flat, whereas in the previous report he only declared owning 10% of it.

Boudou said he was in debt with his friend and business partner José María Núñez Carmona, who owes him more than 200,000 Pesos.

The ousted Domestic Trade Secretary and next economic advisor to the Argentine embassy in Rome, Guillermo Moreno declared his assets increased 26% last year and reached 2.250.000 Pesos, mostly in government bonds and purchased with his own funds.

The government bonds of Moreno (who imposed the dollar clamp), some are tied to the US dollar. He also acquired YPF shares, bonds from the provinces of Formosa and Buenos Aires and Boden 2015. As in his previous statement (2011) Moreno did not declare the flat where he lives with notary Marta Cascales, nor has his reported the couple's status.

Moreno also has 740.000 Pesos in a trust plus his own business a hardware store with an estimated value of 790.000 Pesos. He declared an income of 576.349 Pesos of which he managed to save half and a 1998 car with a symbolic value of one Argentine cent.

15 comments Feed

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1 Anglotino (#) Nov 20th, 2013 - 11:46 pm Report abuse
Nicely ensconced in the 1%!
2 CabezaDura (#) Nov 21st, 2013 - 12:13 am Report abuse
How come she administers so efficiently her wealth and increases her assets more than a 20% in the last year whilst the country she runs is consuming its stocks, depreciating currency, 20% inflation, burning away the reserves of the Central Bank, covered in public debts and a economy with corset attached to it that is under so much strain it seems it will explode in any minute????

How come???
3 Anglotino (#) Nov 21st, 2013 - 12:43 am Report abuse
I would love to say that she is an extremely canny investor with a touch of luck.

Unfortunately I believe that US$8 million grossly underestimates her actual wealth.

Funnily enough the Chavez family have been just as lucky in Venezuela even with all their economic problems.
4 Doggy Rap (#) Nov 21st, 2013 - 03:11 am Report abuse
@ 2

How come???

5 Think (#) Nov 21st, 2013 - 05:10 am Report abuse
(2) CabezaDura

You say...:
“How come she administers so efficiently her wealth and increases her assets more than a 20% in the last year whilst the country she runs is consuming its stocks, depreciating currency, 20% inflation, burning away the reserves of the Central Bank, covered in public debts and a economy with corset attached to it that is under so much strain it seems it will explode in any minute????
How come???”

I say....:
Well.... you write it yourself.....:
20% yearly inflation...
20% yearly increase in her assets...
Just keeping the level of her assets....
I wouldn't call that a good administration....
But I would call hers a good Administration...
6 CabezaDura (#) Nov 21st, 2013 - 05:43 am Report abuse
Actually 20% plus inflation, no mortal man can keep up with that. Specially if you shift a 6 million US dollar account to Pesos!!!

But hey 20% against the 880% plus increase since 2003 is a starter,
7 DanyBerger (#) Nov 21st, 2013 - 09:35 am Report abuse

I don’t know in which country you are living in but my best advice for you is...

First stop reading Clarinete and La Destrucción and then explore all kind of opportunities that offers Argentina in the industrial sector.

I make for each $1000 invested $2500 250% earnings. How that is possible?

Because of knowledge of course I will not tell you what I’m doing because I don’t want a new competitor ha ha. But in Argentina if you search harder you will find the opportunity to make a lot of money.

Well to be honest I can tell you but you will not be able to do it. But “para que avivar bobos?” © copyright ???

The secret is to find niches and not looking for what everybody else is doing.

If you don’t want to think harder you can invest in mortgages that will give you 36% TNA nothing to be thinking about and it is a secure investment.

Do you want to be more conservative Plazo fijo for $100.000 you will get 20%

Or you can buy US dollars at $12 and then have to sell them at $9 following Clarin Miente BS and La Destrucción advice.

Ha ha
8 Optimus_Princeps (#) Nov 21st, 2013 - 11:19 am Report abuse
@7 Dany Berger: I'm willing to bet that any amount of money you make, you make dishonestly. There's a subclass of people that make a living taking money from people using all sorts of extortion schemes. People like that are the reason why good lawyers are so important here.

Something about you gives me the feeling that you enjoy watching other people's suffering as well.

Also, if a certain publication lies so much, it's not worth mentioning. You just mention reputable sources of information, otherwise you sound like a petty liar trying to discredit someone that is more honest than you.
9 GeoffWard2 (#) Nov 21st, 2013 - 11:51 am Report abuse
Cristina declared her assets as $4.8million (Real). That's less than $1million (Real) per year of office!
Given her position as Head of State, nobody could be that bad at ripping off the state.
10 Nightingale (#) Nov 21st, 2013 - 12:09 pm Report abuse
as the shanty towns get bigger , she laughs all the way to the it :)
11 CabezaDura (#) Nov 21st, 2013 - 01:43 pm Report abuse
8)................He is a thief or he is simply lying
12 yankeeboy (#) Nov 21st, 2013 - 02:30 pm Report abuse
20% inflation? Where do you live Think? Certainly not Argentina.

Who cares how much she's got now when it will all be confiscated when she's jailed.
13 Conqueror (#) Nov 21st, 2013 - 04:26 pm Report abuse
@7 Small point about your wonder “earnings”. If you invest $1000 and you have $2500 at the end, your “earnings” are 150%, not 250%. And, as a matter of interest, what about tax? Unless, as Optimus_Princeps suggests, you're as bent as a nine-bob note, you should be paying something like $600 on your $1500 “earnings”. Down to $900.
@12 The problem is knowing where it all is. There are those “stories” about bags of cash in “bunkers”. The “hotels” she owns that are usually unoccupied. How she and deceased hubby bought “public” land at knockdown prices. But will she be arrested the moment she is no longer protected by her office? Doubtful isn't it. Which border will she “escape” across? Uruguay probably. Would argieland even try to get her back? Mind you, if she's stolen money from international loans, couldn't any interested country arrest and prosecute her?
14 Briton (#) Nov 21st, 2013 - 07:42 pm Report abuse
Cristina Fernández de Kirchner’s assets increased 20%

15 DanyBerger (#) Nov 22nd, 2013 - 01:49 am Report abuse
@ Optimus_Princeps

Ok no problem I will take your bet if you are in Argentina.

Here is the condition we both go to a notary (Escribano publico) personally or using a legal representative (apoderado). With $200.000 to make a deposit and we put on a document that if the explanation of my business and if the margins are real and the activity is complete legal I will take back my $200.000 plus yours.

But if I’m a liar and I cannot demonstrate that my activities are legal you take my deposit plus yours back.

Also “The loser” will agree without any reserve to facilitate a picture of him to be used by the other party to make fun over the loser party.

Don’t worry I tell you in advance what I will do with it... I will put a sign saying...

“I’m a fool and very stupid person that have lost $200.000 in a bet”

Then I will ask Mecopress to publish your picture after payment of course by the way with your money so everyone can have a laugh of it.

It is fare. Isn’t it?

@ Conqueror

Example I invest $1000 and I earn $2500 (250% margin over $1000)

Tax are max 35% corporate tax vat 21% is sum 0 and not included in the 250% margin and IIBB.

@ CabezaDura

The fact that you cannot make money with your cow and milk is not other people fault.

After all, the only thief I can see here is you because you take the milk from the cow and don’t pay to the cow for it.

Can you see?

A Thief always think that everyone is a thief because they think that everybody do what he does.

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