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Argentina's Kirchner Dynasty Faces A Costly Reckoning
(MENAFN- The Rio Times) For two decades, the Kirchner name stood at the center of Argentina's power. Now a court has moved to strip the family of one of the foundations of that power: its real-estate fortune.
A federal tribunal in Buenos Aires ordered the confiscation of 20 properties linked to former president Cristina Fernández de Kirchner and her children, Máximo and Florencia.
Judges say those assets are part of the damage caused by a vast public-works scheme in the remote southern province of Santa Cruz, where the family's political project began.
The amount the state is seeking to recover is enormous: 684.990 billion pesos, roughly the value of half a billion dollars. The case, known as“Vialidad,” examined 51 road-building contracts.
According to the court, tenders were repeatedly tailored to favor businessman Lázaro Báez, a close friend of the Kirchners, through padded budgets, fast-tracked approvals and unfinished works.
Cristina Kirchner has already been sentenced to six years of prison and is serving under house arrest, with a lifetime ban from public office.
Argentina seizes Kirchner-linked assets
The new step is about money, not jail time: it is designed to claw back what the judges say taxpayers lost. For foreigners, it helps to picture what is being seized.
Among the assets are Cristina's residence in the Patagonian town of El Calafate, the land in Río Gallegos where the upscale Los Sauces hotel complex was built, and apartments and plots used in the family's hotel-and-rent business model.
Properties and companies tied to Báez and former planning minister Julio De Vido are also on the list, taking the total number of affected assets well beyond the Kirchner household.
The deeper story is about how political power and business blurred. Public-works contracts in a sparsely populated province fed a friendly contractor.
That contractor then rented hotel rooms and properties from the ruling family, even when occupancy was low. For many Argentines, the confiscation order feels like a long-delayed message that this closed circuit of favors has limits.
Supporters of the former president insist she is the victim of a politicized judiciary. But for investors, expats and ordinary citizens watching from abroad, the case is a test of whether Argentina's institutions can still push back when a ruling elite treats public money as a personal asset.
A federal tribunal in Buenos Aires ordered the confiscation of 20 properties linked to former president Cristina Fernández de Kirchner and her children, Máximo and Florencia.
Judges say those assets are part of the damage caused by a vast public-works scheme in the remote southern province of Santa Cruz, where the family's political project began.
The amount the state is seeking to recover is enormous: 684.990 billion pesos, roughly the value of half a billion dollars. The case, known as“Vialidad,” examined 51 road-building contracts.
According to the court, tenders were repeatedly tailored to favor businessman Lázaro Báez, a close friend of the Kirchners, through padded budgets, fast-tracked approvals and unfinished works.
Cristina Kirchner has already been sentenced to six years of prison and is serving under house arrest, with a lifetime ban from public office.
Argentina seizes Kirchner-linked assets
The new step is about money, not jail time: it is designed to claw back what the judges say taxpayers lost. For foreigners, it helps to picture what is being seized.
Among the assets are Cristina's residence in the Patagonian town of El Calafate, the land in Río Gallegos where the upscale Los Sauces hotel complex was built, and apartments and plots used in the family's hotel-and-rent business model.
Properties and companies tied to Báez and former planning minister Julio De Vido are also on the list, taking the total number of affected assets well beyond the Kirchner household.
The deeper story is about how political power and business blurred. Public-works contracts in a sparsely populated province fed a friendly contractor.
That contractor then rented hotel rooms and properties from the ruling family, even when occupancy was low. For many Argentines, the confiscation order feels like a long-delayed message that this closed circuit of favors has limits.
Supporters of the former president insist she is the victim of a politicized judiciary. But for investors, expats and ordinary citizens watching from abroad, the case is a test of whether Argentina's institutions can still push back when a ruling elite treats public money as a personal asset.
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