BizJets
Argentine authorities are investigating potential collusion between Alberto Fernández’s administration officials and businesspeople to access dollars at favorable exchange rates and make significant profits from aircraft purchases.
The investigation first caught attention in November 2023 after news showing images of Argentine-registered private jets at Rio de Janeiro’s Galeão Airport. These jets had flown fans of Boca Juniors to the Copa Libertadores final against Fluminense. Among the 33 aircraft identified, at least six are under judicial investigation for suspected smuggling.
Massive rise in imports during Fernández’s administration
An investigation by La Nación cites documents from the National Civil Aviation Administration (ANAC), the Ministry of Commerce, Customs, and the Central Bank, revealing a massive rise in aircraft imports between 2020 and 2023 during Alberto Fernández’s administration. Over these four years, 949 aircraft were imported—nearly 40% of all planes registered in Argentina between 2010 and 2024. The previous decade saw fewer aircraft imports, making the sudden surge suspicious.
In 2021, the year with the highest number of aircraft imports (352), prosecutor Guillermo Marijuan initiated a preliminary investigation, followed by a formal complaint from lawyer Santiago Dupuy de Lome. The case is now under the oversight of Judge Ariel Lijo. More recently, the case expanded when the political opposition, represented by the Coalición Cívica, filed a new complaint in the economic criminal courts, now reaching Judge Javier López Biscayart’s court.
Aircraft import scheme under scrutiny
The core of the investigation centers around preferential access to official exchange rates and the financial incentives provided by Argentina’s currency gap. Importers used government permits—such as SIMI and SIRA—to buy dollars at the official rate, often declaring inflated values for aircraft. This allowed them to access more dollars than necessary, with the excess sold on the black market for substantial profits.
In some cases, aircraft either did not enter Argentina or were sold abroad for a higher price. Other planes were imported under temporary regimes, allowing them to pay lower taxes, but authorities suspect that these planes were never exported again as required by law.
Several companies and individuals are under investigation, including Aerotec SA, Brise Servicios Aéreos, Aviaser SA, and specific individuals like Juan Francisco Paganini and Pablo Hernán Yelpez. Between 2020 and 2023, only four out of 955 imports were blocked by Customs, and only 14 were formally denounced.
The value of the aircraft involved in this scheme ranges widely, with some small Cessnas priced as low as $9,000 and larger passenger planes reaching up to $1.5 million. The total value of these imports is estimated at over $4 billion.
One notable transaction under scrutiny involves a Tecnam P2006T sold for $550,009 to AF Charter SA, even though its original purchase price was €419,194.23. This aircraft, now operating out of Santa Fe, is part of XFlight’s US fleet.
The investigation highlights possible irregularities in the permit processes involving agencies like the Ministry of Commerce, AFIP (the tax authority), Customs, and the Central Bank. These permits, which control access to foreign currency, changed periodically but often involved a degree of discretionary approval.
Officials from Fernández’s administration are under investigation for their potential involvement in facilitating these transactions. The accusations include overbilling, bribery, and failing to ensure that imported goods—including aircraft—were brought into the country.
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