Kirchner’s Fortune Grew 800 Percent While She Ruled Argentina

The Kirchner family grew increasingly rich during their stay in the presidential palace. (Wikimedia)

Espa√ĪolA hotel chain in¬†Argentina under investigation for money laundering wouldn’t make international headlines if it wasn’t for the alleged culprits: the friends, relatives, and close associates of former President Cristina Kirchrner.

Coincidentally, they have all become millionaires during Kirchner’s rule (2007-2015).

Subscribe to our daily newsletter

On¬†February 26, local daily¬†Clar√≠n¬†revealed¬†the supposed net worth¬†of those involved in the Hotesur case, the most¬†“sensitive and worrying” corruption scandal involving¬†Kirchner.

The newspaper assures that seven very rich individuals are under the eye of Argentina’s justice:

The richest of those under investigation in the Hotesur case is a longtime business partner of the Kirchner family,¬†L√°zaro B√°ez. He is worth around¬†AR$66 million (US$4.1 million). As a manager of the¬†Alto Calafate hotel, owned by¬†Hotesur, he increased his net worth¬†12 times¬†(…) According to [daily] La Naci√≥n, he secured AR$14 million (US$880,000) in profits for Cristina [Kirchner] by renting hotel rooms.

Clar√≠n¬†claims that next in line is the former president herself, who “declared assets for¬†AR$64¬†million [US$4.019 million] before leaving the presidential palace.

In 12 years, the president’s net worth increased 843.25 percent. She left power with 26 properties, deposit certificates for¬†AR$31 million [US$1.9 million], and with a¬†AR$12.640 [US$800] debt with¬†L√°zaro B√°ez, which results almost symbolic [of her administration’s¬†finances].

The third in the Hotesur’s millionaires’ “ranking” is the recently elected congressman M√°ximo Kirchner:

Cristina’s son, one of Hotesur’s main shareholders, virtually tripled his net worth in three years. When his father [former president N√©stor Kirchner] died in October 2010, he inherited assets valued at¬†AR$18.780.698,53 [US$1.11 million]. From then on, his fortune’s rise was constant¬†(…) in just 12 months, his net worth increased 44.61¬†percent.

Next in line is L√°zaro B√°ez’s son, Mart√≠n.¬†According to¬†Clar√≠n,¬†his fortune grew¬†1,300 percent over¬†five years: from¬†AR$1.3 million [US$81,600]¬†to¬†AR$29 million [US$1.82 million].

In 2013, Martín Báez declared having investments abroad to the tune of AR$10.660.000 [US$670,000] and his net worth climbed to AR$23.293.817,14 [US$1.46 million].

[adrotate group=”8″]
The Argentinean newspaper also mentions¬†Osvaldo Sanfelice, M√°ximo Kirchner’s business partner, whose net work allegedly ballooned¬†814 percent in¬†five years.

Finally,¬†Romina Mercado, president Kirchner’s nephew, increased her fortune from¬†AR$ 300.000 [US$18,840] to AR$2.5 million [US$157,000], a 663-percent increase over five years.

Source: Clarín.

Subscribe to our daily newsletter
Sign up here to get the latest news, updates and special reports delivered directly to your inbox.
You can unsubscribe at any time