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Los Sauces, the real estate agency of the Kirchners, is worth almost a billion pesos


According to a detailed report by the judicial controller of the firm, it has assets of $ 973 million. In 2018, Máximo Kirchner - the main shareholder - had declared his share of $ 1.2 million.

Lucia Salinas

07/28/2020 - 13:35

  • Clarí
  • Politics

Los Sauces SA is one of the most important companies in the Kirchner family. The real estate company, whose main turnover came from two tenants, Lázaro Báez and Cristóbal López (86% of income), was a "screen" according to the accusation that sent Cristina Kirchner and her children to oral trial for money laundering. The judicial intervention on the firm delivered a report detailing the assets of the company amounting to 973 million pesos, and has a liability of more than 4.5 million (debts of the boutique hotel in El Calafate, and the house of the vice president, among others). Máximo Kirchner, majority partner of Los Sauces, had declared that his shares were worth 1,173,700 pesos by 2018.

The company was used "to channel funds simulating rents" and this allowed the family's assets to enter "close to 30 million pesos," argues the prosecution of the prosecutor Gerardo Pollicita with which the Kirchner family was sent to oral trial, along with Lázaro Báez, Cristóbal López, Fabián De Sousa, Osvaldo Sanfelice, Romina Mercado, among others. 

Once Los Sauces SA was incorporated, the firm began acquiring properties: " more than 23,897 square meters for $ 3,087,000 in a few years," the prosecution said. The operations "were constant over time" and the course of "fictitious rents" became a process for money laundering and the company intervened.

Since 2016, Máximo Kirchner lost the power of administration of the family company, but continues to be the majority partner. He owns 55% of the shares, while his sister Florencia Kirchner owns the remaining 45%. On the one hand, they had the percentage inherited after the succession of the former president, but the national deputy already had a lower participation. Later, the donation was added in equal parts that the vice president made in favor of her children.

This distribution of the shareholding package was overturned in the last report presented by the intervention of the real estate agency, in charge of Jordan Kristoff, which also details the current status of Los Sauces SA and puts an updated value on its assets.

Without its main tenants, during 2019 " no rental income was recorded, and expenses and taxes must be met with the existing funds at the beginning of the year," the report of the judicial intervention detailed. 

In the document to which Clarín agreed, it was detailed that the Patrimonial State of Los Sauces SA,as of December 31, 2019, it shows a value of  973,009,971 pesos. These assets are distributed in the share value held by Máximo (55%) Florencia Kirchner (45%).

How is said value composed? First of all his properties, many of which were part of the sale and purchase operations with Lázaro Báez, which ended under judicial investigation. 

The most valuable assets that Los Sauces SA has are the two apartments located in Puerto Madero , which were rented by companies from Cristóbal López, Inversora M&S and Alcalis de la Patagonia. Those properties cost  600 million pesos . As a tenant, the owner of the Indalo Group guaranteed until 2017 income to the former President of more than $ 1.7 million.

On the other hand, the department of Calle Humberto Primo 1111 San Telmo was valued at 37,769,600 pesos, the properties in Río Gallegos located on Calle Alvear 391 -built by Báez-, at $ 19,200,000, and that of Mariano Moreno 882 -also work by the Austral Group-, for $ 12,800,000. These complexes were not only built by Lázaro but he later rented them with his companies, guaranteeing income to the Kirchners for more than 7 million pesos.

In the Santa Cruz capital there is another property of Los Sauces, valued at 25 million pesos. Meanwhile in El Calafate, the land recognized as Lot 42-C has a value of 150 million pesos. This is the property where the Los Sauces Casa Patagónica boutique hotel is located. And regarding the Hostería La Aldea de El Chaltén, which Báez administered until 2013, it was assigned a value of 108,413,000 pesos.

All these properties yield a value of 953,281,600 pesos. They are the main assets of the Kirchner family real estate. To which must be added the money in bank accounts for 3,180,000 pesos and the rents owed by one of the departments of Puerto Madero, for just over 21 million, a credit that accounts for the report, in favor of the firm.

The total sum determines that Los Sauces SA has a value of 977,965,899 pesos . But he accumulated debts of more than 4.5 million. These include the debts of the boutique hotel in El Calafate - as Clarín told us - for more than a million in electricity, gas and municipal taxes.

"The debts to SPSE and Distrigas SA, strictly speaking, correspond to the Hotel Los Sauces- Casa Patagónica, but are inexplicably billed to Los Sauces SA, even when it was never notified of the debt. For reasons of prudence and conservative criteria, I am including it in the Liability of Los Sauces SA, even though I am confident of recovering them in the future, "explained the financial controller.

In addition, more than 65,000 gas debts were added to the house on Calle Mascarello in Río Gallegos where the vice president resides every time she travels to Santa Cruz, among other taxes on the properties that Lázaro Báez used to rent. Thus, the final account determined that the assets of the real estate agency denounced for money laundering, amount to 973 million pesos.  

The denounced maneuver

Once the Kirchner family acquired these deeds in the name of Lo Sauces, for justice it was then that "they began to channel the funds through simulated rents." In total, López and Báez guaranteed the Kirchners 25,968,040 pesos with this mechanism "irregularly and continues, funds that went to the heritage of the Kirchners."

Finally, all this allowed the Kirchner family to withdraw 10 million pesos from Los Sauces SA as a "credit refund" on behalf of its members. Both the former President and her children withdrew that amount of money in a few years, the indictment indicated.

Source: clarin

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