Argentina's Macri denies wrongdoing

Argentine President Mauricio Macri has denied having a stake in a company mentioned in the Panama Papers.

President Mauricio Macri speaks at the government house in Buenos Aires, Argentina, Thursday, April 7, 2016

President Mauricio Macri speaks at the government house in Buenos Aires, Argentina, Thursday, April 7, 2016 Source: AAP

Argentine President Mauricio Macri say he has nothing to hide regarding his links with an offshore company revealed in the "Panama Papers".

Macri is among scores of politicians and business figures internationally named in documents leaked from Panamanian law firm Mossack Fonseca, which specialises in setting up offshore companies.

The son of an Italian-born business tycoon, Macri has said he was not legally obliged to declare his connection with the offshore company named in the "Panama Papers" as he never had a stake in it.

The president said he was simply director of the Bahamas-based company, Fleg Trading Ltd, now closed, which was created by his father to make investments in Brazil.

Critics say he owes a more thorough explanation of this and his alleged connection with another offshore company, Kagemusha, registered in Panama, given that such firms are often used to launder money and evade taxes.

"I have acted in accordance with the law and have nothing to hide," Macri said in a televised news conference.

He said he would on Friday ask a court to certify his declaration of assets in order to clear up any doubts.

Macri also said he would put all his assets in a blind trust while president, a measure designed to prevent conflict of interest and generate transparency in the administration of his business interests.

State prosecutor Federico Delgado asked the judiciary earlier on Thursday to investigate if Macri's failure to declare his connection with the offshore company meant he had "maliciously failed to complete his tax declaration", a crime which carries a sentence of 15 days to two years.


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Source: AAP



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