Argentina's Fernandez to face trial in state fraud case

AP News
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Posted: Mar 23, 2017 1:53 PM
Argentina's Fernandez to face trial in state fraud case

BUENOS AIRES, Argentina (AP) — A judge in Argentina has ordered former President Cristina Fernandez to face trial in a case where she is accused of defrauding the state as part of her government's handling of the dollar futures market.

Federal judge Claudio Bonadio announced the decision Thursday. Former Economy minister Axel Kicillof and former Central Bank President Alejandro Vanoli must also face trial. The date has not been announced.

Bonadio says that a scheme to keep the Argentine peso inflated by selling dollars below market value wouldn't have been possible without Fernandez's approval.

He says that this cost the state about $4.9 billion at the current exchange rate, allowing buyers to make big profits on the transactions. The sales also led to a sharp drop in Central Bank reserves.

Fernandez denies any wrongdoing.