Operator News

Argentina – Cristóbal López Arrested over Tax Evasion

Cristóbal López has turned himself in to the authorities. The businessman, who had close ties to former President Cristina Fernández de Kirchner, is being investigated for tax evasion between 2013 and 2015. The resolution, signed by Judge Julián Ercolini, also extended to Lopez’s business partner Fabián de Souza who has already been arrested.

The investigation was first initiated on March 16, 2016 and was filed by Deputy Elisa Carrió who accused the previous head of Argentine tax office (AFIP) of illegally permitting Oil Combustibles SA not to pay in time and in a proper manner fuel tax which was in turn used to capitalise other companies belonging to Lopez namely the Indalo Group. The Indalo Group is a holding company controlled by Cristobal López, with assets in gasoline distribution, media, the food industry, infrastructure and gaming.

In addition, the complaint held that part of the money had been collected “fraudulently to meet the returns of former presidents Néstor and Cristina Kirchner, their companies and societies.” The Minister of Security, Patricia Bullrich confirmed his arrest via her twitter account.

López – a self made businessman – first began running gaming establishments in the southern province of Chubut in 1992 and then quickly expanded his gaming operations into the provinces of Misiones, La Pampa, Mendoza and then later Santa Cruz.

In July 2016, it was announced that López had transferred companies linked to his gambling business to his old business partner, Ricardo Benedicto. This included the sale of his share of Inverclub a company which operates casinos in Puerto Madero, Rosario and Neuquén and his stake in Casino Club which operates the slot machines in the racetrack in Buenos Aires as well as a number of other cities in Argentina.