In recent days, much has been said and written about the fundraiser carried out by the influencer Santiago Maratea to clean up the finances Independent Athletic Club. Without going into the analysis of the repercussions, support and funds that were raised, I believe it is necessary to highlight certain aspects of which little is saidand what do the consistency of a good administration and use of the figure of Escrow. In this sense, it is pertinent to highlight certain irregularities and absences in what is known up to now.
Inscription
The General Inspection of Justice through Resolution No. 33/2020 requires the registration of Trusts when at least one or more of the designated trustees has a real or special domicile in the jurisdiction of the Autonomous City of Buenos Aires. According to what has been reported, Maratea would have the figure of Trustee, who has an address in the City of Buenos Aires. Its registration in the Province of Neuquén is striking, thus avoiding the controls for its registration carried out by the IGJ and the Public Registry of Trusts of the City of Buenos Aires, with its consequent taxation.
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Trustee Fees
Although the fiduciary fees are not regulated by any provision, in our experience as the main Fiduciary at the national level and having administered similar Trusts such as “Tierra de Campeones”, used to finance the construction of the Estudiantes de la Plata stadium, the fiduciary fees stipulated They range between 0.5% and 1% of the managed assets. In this case, the Trustee would be charging between 5 and 10 times more, translated into pesos, we would say that at the time of writing the note around $25 million that could be used to pay off the club’s debts and not to increase Maratea’s assets.
Equity Support of the Trustee
The Trustee is responsible jointly with his patrimony before a bad performance. In this case, when managing such a high volume of assets, it is recommended that your Trustee have consistent equity support. We would not be knowing if that support exists.
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Trustee Experience
The Trust is a complex instrument and its administration requires handling various particular legal and tax regulations. Considering the volume managed, it is advisable to have a trustee with experience in the matter in order to comply with all legal, tax and money laundering prevention regulations.
It should be noted, just for the purpose of understanding what it means to speak from experience, that Bice Fideicomisos currently manages 80 Trusts with an AA+ rating from Fitch Ratings, with more than 20 years in the market. We also do not know the qualification of Maratea.
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Money laundering
The regulations require the knowledge of the contributors, and for those contributions greater than $280,000 they must collect, in the case of individuals who carry out operations, either in a single act or by the reiteration of various interrelated events, their name and surname; date and place of birth; nationality; sex; civil status; number and type of identity document that must be shown in original.
CUIL, CUIT or CDI numbers will also be required; real domicile; phone number and email address; and profession, trade, industry, trade that constitutes his main activity, expressly indicating whether he is a politically exposed person. When the transactions exceed $2.4 million (previously it was $1.12 million), an affidavit on the legality and origin of the funds or assets involved in the operation will be required.
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We do not know if all this documentation is registered, the information is totally unknown. In short, all these aspects make for transparency; The figure of an individual, beyond his public life, is not a sufficient condition to respect and enforce the rules on which Trusts are administered. For the good of all the people who deposited resources and trust, it is time to start complying with the rules and preserve Club Atlético Independiente.
Source: Ambito
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