President of Argentina
Offshore company was a family affair
Related to Argentina
Argentine President Mauricio Macri appeared headed for a business career, working his way up under the tutelage of his father, Italian-born business tycoon, Francisco Macri. But in 1991, he was kidnapped for ransom by federal police officers – a turning point that led him to politics. During his third term as president of the popular Boca Juniors soccer club, he founded the center-right party Commitment to Change, then represented Buenos Aires in the Congress from 2005 to 2007, was elected mayor in 2007 and elected President by a narrow margin in 2015, with promises to liberalize the economy and eliminate corruption.
In the data
Macri, his father Francisco and brother Mariano were directors of Fleg Trading Ltd, incorporated in the Bahamas in 1998 and dissolved in January 2009,. In asset declarations in 2007 and 2008 when he was mayor of Buenos Aires, Macri did not disclose his connection to Fleg Trading. He declared a Merrill Lynch bank account in the United States with $2.9 million in 2007 and $1.9 million in the same account in 2008. Macri also declared $158,000 in foreign assets in 2008, but did not specify their source or location.
Macri's official spokesman Ivan Pavlovsky said that the Argentine president didn't list Fleg Trading Ltd. as an asset because he had no capital participation in the company. The company, used to participate in interests in Brazil, was related to the family business group. "This is why Maricio Macri was occasionally its director," he said, reiterating that Macri was not a shareholder.
Fleg Trading directorship in 1998
Macri's asset declaration 2008
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