Argentine President Mauricio Macri has been linked to at least eight new tax haven companies founded and run by friends and relatives of the president using the Panamanian Mossack Fonseca law firm, which is at the center of the recent Panama Papers leak, an investigation by the websites El Destape and InfoEconomico has revealed.
At least seven of the companies were founded by Mossack Fonseca. The listed board of directors of those entities include Domenico Cappelli, a right-hand man of Francisco Macri, the Argentine president's father, and Armando Amasanti, who was the chairman of the automobile company Sevel in Argentina and was tried along Mauricio Macri for illegal exports of vehicles in the late 1990s.
Most of the seven firms are still active, the investigation shows, while at least one of them, Danae Alliance Company SA, was founded just last year.
Another firm included is Pymore Ventures Holding SA, founded in 2010, whose director is Alejandro Cappelli, the son of Domenico Cappelli.
In addition, the Macri family was linked to Aspent Portfolio SA, also active since 2015 with the same board of directors as Danae Alliance Company SA, and the Rockford Holding Group SA, founded in 2011 by the same executives.
The rest of the seven companies are mostly run by board members and other individuals who are known to have a close relationship with the Macri Group and Sevel corporation in Argentina such as Juan Carlos Gorini Sambade, Gustavo Alejandro and Miguel Antonio del Castillo Massaferro.< p/>
The Panama Papers leak revealed earlier this month that Macri was director and vice president of Bahamas-based company Fleg Trading, created in 1998 and dissolved in 2009. The company was managed by Mossack Fonseca when he was a businessman and mayor of Argentina’s capital Buenos Aires.