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Corruption: Former Minister Cavallo indicted in Argentina.

Former Minister Cavallo indicted for corruption

BUENOS AIRES – Former Argentine Economy Minister Domingo Cavallo was indicted in an investigation on the sale at a “miserable price ” of a public area of the Rural Society in the 1990s, said on Thursday a judicial source.

Federal Judge Sergio Torres also decreed an embargo of assets of Mr. Cavallo at 10 million pesos ($ 254,000) in a decision published by the Judicial Information Center. Torres also sued and embargoed goods of the former president of the Rural Society, Eduardo Zavala, and others involved.

The judge said that in this cause, Menem was involved, for having signed the 1991 decree authorizing the sale.

“We gathered evidence to support that we have a scheme that aimed to circumvent the wealth of the nation state in which the property is located the complex of Palermo,” the judge said.

The building in question spans 114,620 square meters and is located in the residential neighborhood of Palermo in Buenos Aires, but the deed indicates 96,804 meters, the judge warned.

According to the decision, the sales transaction was made in March 1992 for a price of $ 30 million, payable in 10 installments, although the official experts of the Supreme Court of Justice had it valued at 131.8 million pesos.

As a minister of the government of Menem, Cavallo created the convertibility bill equalizing pesos with dollars, which lasted for 11 years until 2002.