MercoPress. South Atlantic News Agency

Alberto Fernández's assets frozen amid insurance scandal

The former president is banned from selling his assets or disposing of them otherwise pending the investigation

A Buenos Aires court ordered the freezing of all assets belonging to former President Alberto Fernández, who is under investigation for corruption over the alleged purchase during his term in Casa Rosada of overpriced insurance policies from brokers with whom he was previously acquainted.

The magistrate also lifted the seal of secrecy on Fernández's bank accounts. Federal Judge Julián Ercolini's measures also reached at least 32 other people believed to be involved in the scandal.

In 2021, Fernández signed Decree 823 instructing administration officials to get all the necessary insurance policies from Nación Seguros, which was linked to the husband of the President's private secretary, María Cantero.

In February this year, Fernández said the investigation would prove his innocence. “I didn't steal anything or take part in any scheme, nor did I authorize one,” he said in a radio interview. “They're targeting good people.”

Ercolini explained that a probe into the possible existence of a criminal organization “that would have operated in the contracting of insurance by various state entities during the presidency of Alberto Ángel Fernández, and especially through the intermediation of individuals and companies between such entities and the insurance company Nación Seguros S.A., as well as the inclusion of co-insurance companies by the latter” was underway.

According to the prosecution, the former administration paid commissions higher than those on the market, while the policies were purchased “through an irregular and non-existent selection process.” Fernandez was indicted in February this year. The investigation is focused on the former head of state and on then-Nación Seguros CEO Alberto Pagliano, in addition to other defendants such as broker Héctor Martínez Sosa, his wife Cantero, and other brokers and insurance companies.

None of those involved in the restraining order will be able to sell or dispose of their assets as per Ercolini's ruling. The judge also granted Prosecutor Carlos Rívolo's request to have the Anti-Corruption Office hand over the income affidavits of Fernández, Pagliano, and Cantero from 2009 to date.