Argentine VP cleared in one of eight fraud cases

Recently, Argentina’s top appeal court dismissed a fraud case against its vice president, Cristina Kirchner.

Kirchner and several former government officials were accused in October 2015, when she was president, of fraud concerning contracts for the purchase of dollars.

 

This was just was one of eight corruption cases facing Kirchner related to her two presidential terms from 2007-2015.

The Cassation Chamber unanimously ruled that the defendants had no case to answer.

 

The case against Kirchner claimed that ahead of the 2015 presidential election, the dollars in the futures contracts were sold below market value.

 

The vice president could not stand in that election because she had already served two consecutive terms. Still, she endorsed fellow Peronist Daniel Scioli, who subsequently lost to Mauricio Macri in a run-off.

Before the 2015 election, the central bank agreed to foreign currency sales to discourage the currency’s devaluation during a period of currency controls.

 

But when Macri lifted those controls after he was elected, the peso plunged by 30 percent, resulting in a loss of 55 billion pesos. This was about  $5.5 billion at the time for the central bank.

However, the court declared that an analysis conducted by Supreme Court accounting experts in 2020 found that there were no irregularities nor detriment to the central bank.

 

When appearing in court by video link last month, Kirchner said the case was politically motivated ahead of the 2015 election.

Kirchner’s former economy minister Axel Kicillof, the current governor of Buenos Aires province, and the ex-president of the central bank, Alejandro Vanolli, were among 11 other defendants in the case.

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