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  • Argentine President Mauricio Macri

    Argentine President Mauricio Macri | Photo: EFE

The Panama Papers refers to a leak from the offshore lawfirm Mossack Fonseca, which showed how the rich and powerful store their wealth in tax havens.

Argentina's supreme court has ended an investigation into President Mauricio Macri's role in two offshore companies named in the massive leak of law firm documents known as the Panama Papers.

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The court understood that the case should be investigated as a tax evasion matter, not as money laundering.

The investigation should be carried out by the Economic Criminal jurisdiction, stated the judges Martín Irurzun and Eduardo Farah.

The decision ratifies a previous ruling that found no proof of suspicious transactions or accounts. But the court said Macri will still be probed for possible tax evasion.

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Reports found that the Macri family would name employees as directors of companies in order to avoid having to list themselves as directors.

Macri says the companies were family businesses but he was not a shareholder and did not receive compensation.

He has set up a blind trust to handle his financial holdings in response to criticism over the revelations.

The case was initially launched by a prosecutor seeking to investigate whether Macri "maliciously" omitted his role in the companies in tax declarations.


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