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Hedge funds target laundered funds in Nevada by close associate of the Kirchner family

Friday, April 11th 2014 - 04:38 UTC
Full article 17 comments
A smiling Baez with members of the Kirchner family in Santa Cruz. Cristina Fernandez with dark glasses  A smiling Baez with members of the Kirchner family in Santa Cruz. Cristina Fernandez with dark glasses

The American Task Force Argentina (ATFA), an organization which unites several bond holders from the Argentine default of 2001, questioned on Thursday the “lack of transparency” within President Cristina Fernández administration, during a video conference with reporters.

 The ATFA includes within its members NML Capital and Elliott Management, part of the so-called 'vulture funds'. These hold-out investors demand full payment on Argentine titles through the US court system, a move strongly resisted by the Argentine government, that restructured the vast majority of the nation's external debt through bond swaps held in 2005 and 2010.

The organization drew attention to alleged “recent news regarding Lazaro Báez, a close member and person of trust of Cristina Fernández, who is using the State of Nevada to launder stolen Argentine funds.”

One of its members explained the group seeks a court order “to demand from 123 companies affiliated with Báez, the production of documents that could help with the localization of stolen state assets, which belong to Argentina.”

“The connection between Báez and the Argentine President are well known”, the ATFA remarked, while recalling that the suspect is under investigation for the “misusing of 65 million dollars from public funds, and its consequent transaction abroad, trough companies in Nevada and other places.”

“If Báez is condemned, any stolen fund would be under Argentina’s domain, and therefore, it could be used to fulfill judicial rulings within the United States, in favor of NML,” the hedge fund led by Paul Singer indicated.

Lazaro Baez in just a few years in coincidence with the Kirchner couple political clout as governor and presidents turned from bank teller to the main public works contractor in the Santa Cruz province, money exchange dealer with accounts in Switzerland, dealings in Belize, Seychelles and other renowned tax havens.

He was also considered the front man for Nestor Kirchner dealings and his companies have several-years room contracts in the Kirchner family hotels in Santa Cruz.

After exposure in the Buenos Aires media, Baez is being investigated in Argentina (at a crawling pace by handpicked prosecutors and judged); in Uruguay for alleged money laundering through the purchase of real estate and in Europe. Now apparently and according to NML hedge funds he has been laundering money in Nevada, US.

Top Comments

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  • LEPRecon

    Hmm, the Argentine President connect to someone who is laundering the Argentine people's money out of Argentina!

    I'm surprised...not wait...this is just predictable behaviour from this Argentine President and her cronies.

    Argentina, which has so much potential, which could be one of the major players in the world. Who could be so rich that it should have an extremely bright future. A country with so many natural resources that they should have oil and gas exploration companies begging to be allowed to drill there...and yet they have none of this, due to massive corruption and most importantly, their inability to stick to a deal or agreement, or even follow their own laws.

    So Argentina will remain the 'never was' country, wallowing in it's own self pity, wrapping itself in it's own 'victim' mentality, and standing by whilst generation of politician rapes the place over and over and over.

    Apr 11th, 2014 - 05:36 am 0
  • Frank

    'Cristina Fernandez with dark glasses'
    I'm glad they mentioned that, I thought she was the one at the back with the grey beard....

    Apr 11th, 2014 - 07:44 am 0
  • Usurping Pirate

    1 Lep : This disgusting old hag puts even Robert Mugabe in the shade when it comes to corruption .
    A popular Argentine investigative journalist called Lanata exposed the meteoric rise of Mr Baez from lowly bank teller to multimillionaire confidant and money launderer of the Kirchners last year .
    I am glad ATFA have caught up with him , because this scale of money laundering in the US carries the most severe penalties .

    Apr 11th, 2014 - 08:09 am 0
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