WHILE readying to celebrate the inauguration of the new Panama Canal locks, the country’s business reputation got another dose of tar and feathers on Friday, June 24 for its role in hiding in offshore businesses, proceeds of corruption by Argentina officials and businessmen.
The information provided by Argentine prosecutor, Guillermo Marijuán, and federal judge, Sebastian Casanello is related to the "Route of money K" the title given to research into how the presidents Nestor Kirchner (2003 -2007) and Cristina Fernandez (2007-2015) and business people close to them in this case Lazaro Baez and children have moved public money through a network of companies and firms and acquired properties.
"We have received information with international assistance that has allowed us to know the existence of numerous accounts abroad and there may still be many people linked to the investigation , " the prosecutor Marijuán told media.
In explaining how the money moved, Marijuán corroborated that it led to Switzerland and from there to Argentina was readmitted through the alleged sale of bonds. “We also have it accredited, that much of that money was spent on a particular property acquisition at the time”
"Ultimately we have established that the sale of bonds for approximately 208 million pesos ($13.9 million dollars at current exchange rates) returned to Argentina, a clear maneuver of money (...) we have been able to clarify companies that have been formed, currencies that have been sent abroad, where the accounts were filed, and how that money was readmitted to Argentina and then transformed into properties and real estate. We're talking about accounts that are on behalf of the four sons of Lazarus Baez "he explained.
Foundation Kinsky was used to funnel proceeds of corruption among officials and businessmen to Austral Building, and Epsur, S.A. The first received $ 20 million and the second $ 5 million. The movements of funds were made through an account in J. Safra Bank, based in Switzerland.
Tyndall Limited Inc. has an account in Geneva, Switzerland that received millions in funds from another company based in Panama Teegan Inc owned by Martin Baez.
On Friday, Casanello called three of the sons of Báez to give their statements on money laundering.