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

Wednesday, November 20th 2013 - 22:38 UTC
Full article 15 comments
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 president has 20 million Pesos y banks accounts and 13 million in real estate among which the luxurious Alto Calafate Hotel in Patagonia

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 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.

Categories: Politics, Argentina.

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  • Anglotino

    Nicely ensconced in the 1%!

    Nov 20th, 2013 - 11:46 pm 0
  • CabezaDura

    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???

    Nov 21st, 2013 - 12:13 am 0
  • Anglotino

    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.

    Nov 21st, 2013 - 12:43 am 0
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