Massive asset Seizure Looms in Argentina “Roads Case” – Kirchner Era Fraud
Buenos aires, Argentina – A landmark corruption case stemming from alleged fraudulent public works contracts during the Kirchner administrations in Santa Cruz province is reaching a critical juncture.Argentina’s Federal Court has ordered those convicted to deposit 684,990 million pesos (approximately $735 million USD at current exchange rates) by Wednesday, August 13th, to cover damages caused by the scheme. Failure to comply will trigger the confiscation and auction of seized assets.
The case centers around allegations of rigged bidding processes for road construction projects in Santa Cruz. Those convicted include former President Cristina Kirchner, businessman Lázaro Báez, and several former officials: José López, Nelson Perotti, and Mauricio Collareda.The Court, presided over by Judge Jorge Gorini and rodrigo Giménez Uriburu, has rejected calculations presented by Kirchner’s defense team that substantially lowered the assessed damages. The court instead relied on valuations from official experts at the Federal Judicial Assistance Center of the Supreme Court.
A vast portfolio of assets has already been seized, including:
Properties linked to Lázaro Báez: 11 properties confiscated from Báez’s son, including three in Buenos Aires province, seven in Santa Cruz, and one in Chubut. Additional properties seized include Ini, Gurises colonia Pastoril, President Carlos Pellegrini, Manantial Alto Colonia General Paz, and Estancia Río olnie. Properties in Chubut: One property in Lago Puelo.
properties in Buenos Aires Province: four properties.
Total Assets: 213 properties, 14 vehicles, and six companies are currently subject to potential confiscation. Millions of dollars in cash are also included.The process of liquidating these assets is expected to be complex, particularly given ongoing legal proceedings against Lázaro Báez in a separate case known as the “Money Route K.”
Cristina Kirchner’s defense is expected to challenge the court’s order. The deadline for compliance is set for the first two hours of attention on August 13th, between 7:30 and 9:30 AM local time.The Court has warned that the confiscation will proceed “under express warning of the execution of the goods” if the deposit is not made.
This case represents a significant development in Argentina’s ongoing efforts to address corruption allegations linked to previous administrations and recover funds lost through alleged fraudulent practices.
Note: Exchange rate used is approximate as of August 11, 2024.
