TBA The company used the grant money to buy dollars

Cirigliano The group, which belongs TBA, also used the money for financial investments.There was a lack of investment and controls.

 

 

As grants, the company trains in Buenos Aires (TBA), the group Cirigliano, pocketed 106.3 million pesos from the national state in the last two months. That is, to keep services operating Sarmiento and Mitre lines. Because of what happened on Thursday at eleven, was again put into question the administration schedule of trains from Capital and Greater Buenos Aires.

Is that according to latest figures from the Ministry of Planning, all subways insumieron $ 291 million during January, or nearly 10 million per day. Only in the first nine months of last year, the Association Argentina Budget (ASAP) estimated that the increase in subsidies was 47%. The problem is that, according to market sources said, TBA used part of these public funds to buy dollars and financial investments that increased their profits.

The rail system is administered with the same scheme privatizations of the ’90s, with the subsidies the Kirchner added to prevent the increase of the salaries of the railroad was moved to the ticket. These subsidies, as is the case with the groups, were paid without the controls that the law on investment frequencies and dealerships by the force of the “emergency train” in force since 2002.

Already in 2008, the Auditor General’s Office (AGN) warned about breaches of the investment plan of TBA and even reported on deficiencies in the brakes of its formations.However, despite all the complaints received in December TBA $ 29.4 million from the Treasury and in January, another $ 76.9 million through the Integrated Railway (SIFER).

Subsidies are received by the railway concession almost without controls, so these also swelled their profits by applying these funds to a sort of “carry trade”. Favicor, a finance division Cirigliano (owner of TBA), charge state subsidies and deposits usually Mutual Fund (CRF) of several private banks, of which he removed as needed, but always aftercollect interest on the “investment”. Cirigliano group justifies this move on the pretext of safeguarding the benefits of inflation.

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