NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Argentina's Macri pledges transparency as prosecutors probe family ties

Published 01/03/2017, 20:01
Updated 01/03/2017, 20:10
© Reuters. Argentina's President Macri addresses a joint session with Congress and Senate at Spain's Parliament in Madrid
AVT_p
-

BUENOS AIRES (Reuters) - President Mauricio Macri said on Wednesday he would issue decrees in the coming days aimed at cracking down on conflicts of interest in Argentina's politics, as prosecutors pushed to investigate more of his family's business ties.

In a speech marking the opening of a new legislative session, Macri also asked Congress to pass a "business responsibility law" to hold companies legally responsible for corruption, and allow them to strike leniency deals.

"I want everything to be transparent and open, and for nobody to doubt the decisions this president makes," said Macri, son of one of Argentina's richest men, businessman Franco Macri.

Federal prosecutors have brought cases against the president and his family over allegations of various conflicts of interest, putting political pressure on his centre "Let's Change" coalition before legislative elections in October. Macri is banking on success at the polls to continue his reform agenda.

Last month, Macri was criticized over a deal his government reached to resolve a 15-year old debt the postal service incurred when it was owned by Macri's father, with prosecutors claiming the deal benefited his family.

Macri said at the time the deal had been handled legally, but apologised for a lack of transparency and revoked the agreement. He said he would remain "as far away as possible" from any government decision involving his father.

On Wednesday, however, a federal prosecutor asked a judge for permission to investigate Mauricio Macri and other officials over allegations that they favoured Colombian airline Avianca in a plan to open more air routes in Argentina. His father's company sold another airline to Avianca Holdings (CN:AVT_p) last year.

Members of Macri's administration and his family have also come under scrutiny over a bribery scandal involving Brazil's largest builder Odebrecht, which has admitted to paying bribes across Latin America.

In January, prosecutors announced they were investigating whether Macri's spy chief Gustavo Arribas received a bribe from Odebrecht SA [ODBES.UL], a charge Arribas has denied.

Odebrecht declined to comment on active investigations.

Brazilian newspaper Estado de S. Paulo reported on Monday that Odebrecht would say in a leniency agreement that builder Iecsa, owned by the president's cousin, participated in a bribery scheme to win a contract for a rail project during the previous government.

© Reuters. Argentina's President Macri addresses a joint session with Congress and Senate at Spain's Parliament in Madrid

Iecsa could not immediately be reached for comment but Argentine media reported that the company said it was unaware of irregularities.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.