Buenos Aires Times

argentina RAID ON ENERGY MINISTRY

Macri Group under investigation for wind farm purchases

A federal court in Buenos Aires ordered a raid on the Energy and Mining Ministry where police seized documents containing information about companies linked to the Macri Group.

Thursday 1 March, 2018
President Mauricio Macri.
President Mauricio Macri. Foto:File-Perfil

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The Macri Group is under investigation for alleged insider trading involving the purchase of six wind farms in the country’s south. 

A federal court in Buenos Aires ordered a raid on the Energy and Mining Ministry on Tuesday where police seized documents containing information about companies linked to the Macri Group, La Nación reported.

Federal Judge Marcelo Martinez de Giorgi is responsible for the case, which stemmed from an investigation by Perfil’s Emilia Delfino in early January.

Opposition lawmakers Rodolfo Tailhade and Martín Donate lodged a criminal complaint against the company, which includes allegations against President Mauricio Macri of alleged influence peddling and business deals incompatible with public office. 

INSIDER TRADING?

In 2016, Sideco Americana — the Macri family’s insignia firm — created four companies in the name of an accountant. In cahoots with an associate firm, and without a public tender process, they acquired six wind farms in Chubut province and at Miramar in Buenos Aires province. The Spanish firm Isolux won the tenders and later sold them on in two transactions. 

The Macris’ firm paid US$25 million for the first package of wind farms and last year sold them to a company of the Macro Group (Genneia, whose wind farm Macri visited on Tuesday) and a Chinese company (Goldwind). They profited US$15 million with just one of the farms, three sources directly involved in the transaction told Perfil.

Read more here: Macri Group buys, resells 6 wind farms skipping tender process

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