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Sun Apr 3, 2016, 10:01 PM

Panamá Papers: Argentine President Mauricio Macri one of 5 current world leaders listed as a client.

Last edited Sun Apr 3, 2016, 11:57 PM - Edit history (1)

Argentine President Mauricio Macri — who made "fighting corruption" his campaign battle horse last year — is listed as a client in the massive, 11 million page leak of documents from Panamanian corporate law firm Mossack Fonseca. The leak, known as the Panamá Papers, was obtained from an anonymous source by German daily Süddeutsche Zeitung and shared with media worldwide by the International Consortium of Investigative Journalists (ICIJ).

Mauricio Macri's name appears with his father Francisco and brother Mariano as a director of Fleg Trading Ltd. The shell company was incorporated in the Bahamas in 1998 and dissolved in 2009, when it was sold to a firm from Uruguay (a country known for its bank secrecy laws where the Macri family also has extensive interests). This was a financial connection Macri didn’t disclose on asset declarations when he was Mayor of Buenos Aires or as a candidate for President, as Argentine law requires.

His official spokesman, Iván Pavlovsky, said that the Argentine president didn't list Fleg Trading Ltd. as an asset because he had no capital participation in the company. The company, used to participate in interests in Brazil, was related to the family business group. "This is why Mauricio Macri was occasionally its director," he said, reiterating that Macri was not a shareholder.

Macri is one of only five current world leaders listed as a client of Mossack Fonseca, which establishes offshore shell companies for clients seeking to launder money and evade taxes. The other current world leaders listed are the Prime Minister of Iceland, Sigmundur Gunnlaugsson; the King of Saudi Arabia, Salman Al-Saud; the President of the United Arab Emirates, Khalifa Al-Nahyan; and the President of Ukraine, Petro Poroshenko. Others, notably a number of close friends of Russian President Vladimir Putin and Ian Cameron (the father of British Prime Minister David Cameron), are also listed.

Other Argentine nationals listed in the Panamá Papers are Néstor Grindetti, current Mayor of Lanús (a suburb of Buenos Aires) and former municipal Economy Minister while Macri was Mayor of Buenos Aires; Daniel Muñoz, who was former President Néstor Kirchner's private secretary during his 2003-07 administration; and Lionel Messi, the five-time Ballon d'Or winning Barcelona football forward who is currently facing tax evasion charges in Spain. The Boca Juniors football team, which Macri presided between 1995 and 2007, was also listed.

Some Macri administration officials have had similar activities outed in past leaks. President Macri's current Economy Minister, Alfonso Prat-Gay, was revealed by JP Morgan Argentina executive Hernán Arbizu in 2012 to have arranged the illegal transfer of over $1 billion from the sale of the late Amalia Fortabat's cement firm Loma Negra to offshore accounts from 2005 and 2008, as well as his own accounts. This was further corroborated by the 2013 SwissLeaks.

Like Macri himself, Prat-Gay had made a political career out of "fighting corruption."

At: https://translate.google.com/translate?hl=en&sl=es&u=http://www.politicargentina.com/notas/201604/12913-una-filtracion-a-nivel-mundial-relaciona-a-mauricio-macri-con-paraises-fiscales.html&prev=search

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Reply Panamá Papers: Argentine President Mauricio Macri one of 5 current world leaders listed as a client. (Original post)
forest444 Apr 2016 OP
Judi Lynn Apr 2016 #1
Ghost Dog Apr 2016 #2
Marksman_91 Apr 2016 #3
Judi Lynn Apr 2016 #4

Response to forest444 (Original post)

Mon Apr 4, 2016, 01:56 AM

1. Wow, wow, wow, forest444. This is definitely a gigantic situation.

Can't wait to see the fancy dancing Macri is going to perform as he tries to slither out of this. Absolutely amazing.

So many of his slimy colleagues, as well.

So damned glad you shared this. It's so huge. Hopes it causes him at least a little stress before he finds a way to dodge the consequences.

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Response to Judi Lynn (Reply #1)

Mon Apr 4, 2016, 09:48 AM

2. Yeah. But a quick perusal of Argentine MSM shows the spin


de-emphasises the Macri factor...

eg. Casino boss and Nestor Kirchner associate Cristóbal López (La Nación).

The English-language Buenos Aires Herald appears more even-handed...

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Response to forest444 (Original post)

Mon Apr 4, 2016, 10:02 AM

3. Looks like Venezuelan political leaders are implicated as well.


“Venezuela” shows up on 241,000 documents in the Panama Papers


Considered the largest leak in history, it details the way a Panama-based corporate law firm named Mossack Fonseca helped clients conceal their wealth through offshore companies in tax havens.

The word “Venezuela” cropped up in over 241,000 documents contained in the 2.6 terabytes of leaked information.

But the case of Velásquez Figueroa and his wife makes for the biggest scandal because of their ties to the Venezuelan leader, and because they would never have been able to amass such a fortune on their regular employee salaries.

The investigation, which began in June 2011, shows that Velásquez Figueroa is a state contractor; that he keeps accounts in Switzerland and Dominican Republic, where he held temporary residency until June 2015; and that he has property worth $400,000 as well as a further $1.6 million described as “personal assets.” Until he left the Venezuelan Armed Forces, Velásquez Figueroa was making no more than $200 a month.
Flow of oil money

The insider files also illustrate what happened in Venezuela over the last 15 years with the enormous flow of oil money. The Panama Papers reveal that Mossack Fonseca created tailor-made corporate structures for several Venezuelan clients who wanted to conceal their presence in incorporated companies, or else sought to generate external debt through transactions with shell companies – often owned by themselves – that could later be submitted to the relevant agencies in the Venezuela of controlled exchange rates

Although owning an offshore company is not a crime in itself, the documents show that banks, legal firms and other offshore actors often failed to follow legal requirements to ensure that their clients were not involved in criminal activities, tax evasion or political corruption.

Wonder how many more prominent Chavistas will start being revealed to be part of this scandal as well. Wouldn't be surprised if we see the Maduro or Cabello clans in there.

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Response to forest444 (Original post)

Mon Apr 4, 2016, 06:16 PM

4. Alfonso Prat-Gay has been a disgusting topic for a long time, it seems. Looking forward to his info.

I remember his name has come up again and again, as in this article from the Guardian:

The economy minister - Alfonso Prat Gray - is an ex JP Morgan London banker and was also head of an investment fund which specialised in hiding the Argentine elite's wealth abroad. So we all know where Argentina is heading for, it will become just another badly managed neoliberal country, where the rich get richer and the poor get treated as culpable criminals.


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