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Weekly Report - 23 February 2012 (WR-12-08)

ARGENTINA: Boudou’s friends - with benefits?

Over the past fortnight a scandal involving Argentina’s vice-president, Amado Boudou, and several of his friends has been gaining momentum. So much so that this week, a federal prosecutor, Carlos Rívolo, was asked by Judge Daniel Rafecas to look into the official documents held by the Administración Federal de Ingresos Públicos (Afip), the tax agency, relating to the filing of bankruptcy by Ciccone Calcográfica (now Compañía de Valores Sudamericana). The sophisticated printing company was purchased by a company (The Old Fund SA) managed by Alejandro Vandenbroele after it had declared bankruptcy in July 2010; it then went to secure a contract from the Casa de la Moneda (Mint), worth US$50m, for the printing of Arg$100 bills. That contract was authorised by the central bank (BCRA)’s general manager, Benigno Vélez.

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