New Argentine revenue head found to keep nearly all assets overseas
The newly-appointed director of Argentina's Federal Public Revenue Agency (AFIP), Leandro Cuccioli, was revealed to have at least 94% of his personal wealth overseas, according to public documents.
Financial disclosures filed while working under President Mauricio Macri's chief of staff show that Cuccioli's assets include real estate in London and Uruguay, U.S. mutual fund and savings accounts, as well as shares in two Cayman Islands investment funds and a Bermuda-domiciled firm.
Out of a total of $320,000 in declared net assets as of the end of last year, all but $25,000 were overseas - an unprecedented situation for an Argentine revenue head since financial disclosure statements became mandatory for all Argentine public officials in 1999.
Critics note Cuccioli may have dramatically understated some assets as well: An 170 m² (1830 ft²) apartment in London, of which Cuccioli stated having 50% ownership, was listed as being worth around $320,000 - an unlikely figure in a city where median home prices currently exceed $600 per square foot.
Cuccioli, 40, replaced Alberto Abad, who was reportedly forced out after firing the brother-in-law of a top Macri associate, Boca Juniors football club head Daniel Angelici.
Abad had been under pressure to resign since an AFIP leak last August revealed that relatives and close associates of Macri's used a 2016 tax amnesty program to "whitewash" a total of at least $132 million in undeclared offshore funds.
Argentine law forbids the use of tax amnesty benefits by family or close associates of sitting federal officials.
Numerous officials in the right-wing Macri administration - including the president - have been listed in the Panama and Paradise Papers offshoring scandals.
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Argentina's new revenue head Leandro Cuccioli.
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He certainly seems to be someone who approves Macri's style of politics, taking advantage of the system in every possible way, as fast and long as he can.
They shouldn't be seen as doing Argentina any favors, raising taxes for average people wildly, excessively, while stashing their own ill-gotten funds offshore.
There should be a breaking point somewhere soon, but if there is, and people start speaking out loudly, and angrily against them, those people will start disappearing, or showing up eventually in prisons, then they'll be right off to the races, again, with the brand spanking New Dirty War on the population all over again.
Macri brought what should be far more scepticism upon himself by allowing Cuccioli to fire the man who questioned such a notoriously questionable man, Daniel Angelici. Abad should have been heartedly supported for his legal actions, not driven out of his office. Sounds so much like Trump trying to shove out Jeff Sessions.
Unstable Daniel Angelici, whose head is about to erupt again.
How could something like this ever become part of any President's administration?
It's exactly like watching the Trump beast do his "magic" as he pretends to be the President of the U.S., sandensea. These two are cut from the very same cloth, the green Grifter Cloth.
These guys give Italians a bad name.
Abad, who had previous served as AFIP director in the Néstor Kirchner years, was one of Macri's few undeniably good choices.
Indeed, the day before being fired Abad had the satisfaction of announcing that tax revenues in February had risen by 37.7% from the same time last year (a 7% improvement in dollar terms).
But his very professionalism wouldn't allow him to go along with the purge currently being carried out at AFIP at the behest of Macri, Angelici, and Caputo (the Finance Minister).
Here's to Alberto Abad. A good man, in a bad time.