Vacant Lots and High Profits: Corruption in Argentina’s Presidential Dynasty?
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Vacant Property sold by the late Nestor Kirchner for US$2.4 million, in 2008
The Fernandez-Kirchner Dynasty has become quite wealthy while governing Argentina since 2003. In 2008 alone, their fortuned jumped from around $17 million pesos to more than $32 million. Much of those gains could be attributed to the creation of two new hotels in El Calafate and the sale of 16 properties in the province of Santa Cruz. After the passing of her husband: former President Nestor Kirchner, President Cristina Fernandez’s fortunes now total US$ 8.6 million. Her net worth actually declined during the inheritance, due to money received by her two children Maximo and Florencia.
Despite her diligent submission of income to the anticorruption office, the state of many properties owned by the family has raised suspicions. Nestor Kirchner originally purchased the Santa Cruz property several years ago for US$150,000 and then reportedly sold the holding to Chilean group Cencosud for US$ 2.4 million, which planned to build a supermarket on the land. Four years later, the plot is still vacant and the company’s president, Horst Paulmann, acknowledges he has yet to begin planning any development on the property.
Meanwhile, two blocks away Alicia Kirchner, Nestor’s sister owns another plot of land. Alicia claims that she originally purchased the property for US$ 11,000. If she had sold the property at the same price per square meter as her brother did to the Chilean company, then she would receive about US$ 200,000. However, the actual market value of the land stands at US$ 80,000.
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more: http://revpana.wordpress.com/2012/08/14/vacant-lots-and-high-profits-corruption-in-argentinas-presidential-dynasty/
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