IBOV 173,250.69 ▼ 0.27% IPSA 10,808.75 ▼ 0.71% IPC MEX 66,615.43 ▲ 0.39% MERVAL 3,196,287 ▼ 0.11% COLCAP 2,298.34 ▲ 0.58% BVL PERÚ 55,645.90 — — USD/BRL5.09▼ 0.45% USD/MXN17.46▼ 0.44% USD/CLP933.20▼ 0.19% USD/COP3,244▼ 0.43% USD/PEN3.40▲ 0.33% USD/ARS1,478▼ 0.03% USD/UYU40.19▼ 0.10% USD/PYG6,031▼ 0.03% USD/BOB10.75▲ 0.94% USD/DOP58.25▲ 0.02% USD/CRC447.35▲ 0.28% USD/GTQ7.62▼ 0.05% USD/HNL26.74— 0.00% USD/NIO 36.62 — 0.00% USD/VES735.09▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59— 0.00% USD/TTD6.73▼ 0.21% EUR/BRL5.80▼ 0.71% BRENT 88.11 ▲ 0.01% WTI 81.66 ▼ 1.01% IRON ORE 161.91 — — COPPER 6.35 ▲ 2.12% GOLD 4,017 ▲ 0.10% SILVER 57.26 ▲ 2.17% SOY 1,225 ▲ 1.72% CORN 473.25 ▲ 6.41% WHEAT 677.00 ▼ 0.84% COFFEE 321.05 ▼ 2.25% SUGAR 14.80 ▼ 0.20% ORANGE JUICE 140.55 ▲ 1.70% COTTON 80.22 ▲ 4.09% COCOA 5,622 ▲ 1.61% BEEF 221.33 ▼ 1.38% CATTLE 343.38 ▼ 0.74% LITHIUM 67.25 ▼ 1.65% PETR4 41.15 ▲ 0.61% VALE3 72.53 ▼ 0.56% ITUB4 42.36 ▲ 0.95% BBDC4 18.45 ▲ 0.87% ABEV3 15.71 ▲ 0.51% BBAS3 20.36 ▼ 0.63% B3SA3 15.23 ▲ 0.20% WEGE3 43.31 ▼ 0.73% PRIO3 58.23 ▲ 0.66% SUZB3 41.82 ▼ 0.26% RENT3 37.71 ▼ 1.36% AZZA3 18.57 ▼ 0.11% CSAN3 3.83 ▼ 0.26% RAIZ4 0.27 ▼ 6.90% PCAR3 2.60 — 0.00% GMAT3 3.85 ▼ 0.77% PSSA3 55.13 ▼ 0.02% CVCB3 1.12 ▼ 8.20% POSI3 3.73 ▼ 1.84% SLCE3 13.58 ▲ 0.37% NATU3 8.69 ▲ 1.64% BRKM5 5.92 ▼ 4.36% RANI3 7.94 ▼ 0.13% CSNA3 5.07 ▲ 0.40% CMIN3 5.36 ▲ 0.56% USIM5 8.17 ▼ 0.73% GGBR4 23.82 ▼ 0.92% ENEV3 25.63 ▼ 0.19% CPFE3 46.14 ▼ 1.56% CMIG4 11.08 ▼ 0.36% EQTL3 39.31 ▼ 0.48% LREN3 13.43 ▲ 0.07% VIVT3 35.60 ▲ 0.23% RAIL3 13.67 ▼ 0.22% KLABIN 17.48 ▼ 0.57% RAIA DROGASIL 18.71 ▲ 0.86% RDOR3 35.71 ▼ 0.20% HAPV3 11.58 ▲ 1.76% FLRY3 16.64 ▲ 0.30% SMTO3 15.60 ▲ 0.97% UGPA3 31.97 ▼ 0.31% VBBR3 34.67 ▼ 0.72% BBSE3 41.32 ▲ 0.49% BPAC11 56.33 ▲ 0.27% CURY3 30.68 ▲ 0.03% AERI3 2.02 — 0.00% VIVARA 22.07 ▼ 1.65% COMPASS 24.77 ▼ 0.44% VAMOS 3.17 — 0.00% SANB11 26.89 ▲ 0.90% ASAI3 8.39 ▼ 1.29% SBSP3 29.28 ▲ 0.21% WALMEX 49.51 ▲ 0.04% GMEXICO 202.26 ▲ 0.83% FEMSA 227.60 ▲ 0.82% CEMEX 22.59 ▼ 0.62% GFNORTE 182.93 ▲ 0.88% BIMBO 59.57 ▲ 2.71% TELEVISA 9.72 ▲ 1.57% AMX 23.07 ▲ 0.30% GAP 382.37 ▼ 0.94% ASUR 276.20 ▼ 1.25% OMA 229.46 ▼ 0.50% KOF 181.88 ▲ 0.62% GRUMA 290.76 ▲ 1.49% KIMBER 38.51 ▼ 0.41% SQM-B 63,000 ▼ 3.74% COPEC 6,200 ▼ 0.79% BSANTANDER 76.75 ▼ 0.32% FALABELLA 5,751 ▼ 1.44% ENELAM 84.11 ▲ 0.08% CENCOSUD 1,995 — 0.00% CMPC 1,066 ▼ 0.36% BANCO CHILE 187.75 ▼ 0.40% LATAM AIR 24.35 ▼ 1.66% YPF 77,900 — 0.00% GGAL 7,780 ▼ 1.02% PAMPA 5,250 ▲ 1.55% TXAR 662.00 ▼ 0.30% ALUAR 954.00 ▲ 0.47% TGS 9,380 ▲ 0.11% CEPU 2,262 ▼ 0.09% MIRGOR 16,800 ▼ 0.44% COME 43.40 ▼ 1.00% LOMA NEGRA 3,515 ▼ 0.21% BYMA 296.50 ▼ 0.42% TELECOM ARG 4,118 ▼ 0.78% ECOPETROL 15.95 ▼ 0.87% BANCOLOMBIA 80.26 ▼ 0.19% GRUPO AVAL 4.92 — 0.00% CREDICORP 390.09 ▼ 0.13% SOUTHERN COPPER 174.74 ▲ 1.31% BUENAVENTURA 29.88 ▼ 1.19% MERCADOLIBRE 1,833 ▲ 1.04% NUBANK 13.74 ▲ 1.07% XP 16.80 ▲ 0.78% PAGSEGURO 9.18 ▲ 1.55% STONE 11.21 ▲ 0.49% GLOBANT 31.32 ▼ 2.84% TECNOGLASS 46.09 ▼ 0.84% GAP AIRPORT 219.44 ▼ 0.67% ASUR 276.20 ▼ 1.25% OMA AIRPORT 105.13 ▼ 0.17% AMX ADR 26.36 ▲ 0.34% FEMSA ADR 130.51 ▲ 1.15% CEMEX ADR 12.92 ▼ 0.39% PETROBRAS ADR 18.18 ▲ 1.14% VALE ADR 14.22 ▲ 0.18% ITAU ADR 8.32 ▲ 1.40% SANTANDER BR 5.31 ▲ 1.24% AMBEV ADR 3.07 ▲ 1.32% CSN 1.01 ▲ 1.91% GERDAU 4.70 ▼ 0.53% LATAM ADR 51.57 ▼ 1.88% BTC 64,404 ▼ 0.44% ETH 1,867 ▼ 0.24% SOL 76.09 ▼ 0.35% XRP 1.09 ▼ 0.29% BNB 567.12 ▼ 0.58% ADA 0.16 ▼ 2.16% DOGE 0.07 ▲ 0.04% AVAX 6.52 ▲ 0.99% LINK 8.36 ▼ 0.10% DOT 0.81 ▼ 1.00% LTC 46.65 ▼ 0.83% BCH 215.10 ▲ 0.10% TRX 0.33 ▼ 0.56% XLM 0.19 ▼ 0.89% HBAR 0.07 ▼ 0.68% NEAR 1.97 ▲ 2.85% ATOM 1.48 ▲ 0.07% AAVE 88.35 ▼ 1.10% SELIC 14.25% EMBRAER 82.37 ▲ 0.76% EMBRAER ADR 64.73 ▲ 1.00% JBS 11.91 ▼ 0.04% JBS BDR 60.51 ▲ 0.52% MBRF3 14.88 ▼ 1.00% MBRFY 2.88 ▼ 1.03% INTER 5.42 ▲ 0.84% EGX 53,126 ▲ 1.08% USD/ZAR16.52▼ 0.16% USD/NGN1,376▼ 0.20% NIKKEI 64,141 ▼ 4.03% CSI300 4,598 ▲ 1.53% HSI 25,143 ▲ 2.36% NIFTY 24,239 ▼ 0.39% KOSPI 6,516 ▼ 4.46% JCI 6,232 ▲ 0.91% USD/JPY162.53▲ 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4,017 ▲ 0.10% SILVER 57.26 ▲ 2.17% SOY 1,225 ▲ 1.72% CORN 473.25 ▲ 6.41% WHEAT 677.00 ▼ 0.84% COFFEE 321.05 ▼ 2.25% SUGAR 14.80 ▼ 0.20% ORANGE JUICE 140.55 ▲ 1.70% COTTON 80.22 ▲ 4.09% COCOA 5,622 ▲ 1.61% BEEF 221.33 ▼ 1.38% CATTLE 343.38 ▼ 0.74% LITHIUM 67.25 ▼ 1.65% PETR4 41.15 ▲ 0.61% VALE3 72.53 ▼ 0.56% ITUB4 42.36 ▲ 0.95% BBDC4 18.45 ▲ 0.87% ABEV3 15.71 ▲ 0.51% BBAS3 20.36 ▼ 0.63% B3SA3 15.23 ▲ 0.20% WEGE3 43.31 ▼ 0.73% PRIO3 58.23 ▲ 0.66% SUZB3 41.82 ▼ 0.26% RENT3 37.71 ▼ 1.36% AZZA3 18.57 ▼ 0.11% CSAN3 3.83 ▼ 0.26% RAIZ4 0.27 ▼ 6.90% PCAR3 2.60 — 0.00% GMAT3 3.85 ▼ 0.77% PSSA3 55.13 ▼ 0.02% CVCB3 1.12 ▼ 8.20% POSI3 3.73 ▼ 1.84% SLCE3 13.58 ▲ 0.37% NATU3 8.69 ▲ 1.64% BRKM5 5.92 ▼ 4.36% RANI3 7.94 ▼ 0.13% CSNA3 5.07 ▲ 0.40% CMIN3 5.36 ▲ 0.56% USIM5 8.17 ▼ 0.73% GGBR4 23.82 ▼ 0.92% ENEV3 25.63 ▼ 0.19% CPFE3 46.14 ▼ 1.56% CMIG4 11.08 ▼ 0.36% EQTL3 39.31 ▼ 0.48% LREN3 13.43 ▲ 0.07% VIVT3 35.60 ▲ 0.23% RAIL3 13.67 ▼ 0.22% KLABIN 17.48 ▼ 0.57% RAIA DROGASIL 18.71 ▲ 0.86% RDOR3 35.71 ▼ 0.20% HAPV3 11.58 ▲ 1.76% FLRY3 16.64 ▲ 0.30% SMTO3 15.60 ▲ 0.97% UGPA3 31.97 ▼ 0.31% VBBR3 34.67 ▼ 0.72% BBSE3 41.32 ▲ 0.49% BPAC11 56.33 ▲ 0.27% CURY3 30.68 ▲ 0.03% AERI3 2.02 — 0.00% VIVARA 22.07 ▼ 1.65% COMPASS 24.77 ▼ 0.44% VAMOS 3.17 — 0.00% SANB11 26.89 ▲ 0.90% ASAI3 8.39 ▼ 1.29% SBSP3 29.28 ▲ 0.21% WALMEX 49.51 ▲ 0.04% GMEXICO 202.26 ▲ 0.83% FEMSA 227.60 ▲ 0.82% CEMEX 22.59 ▼ 0.62% GFNORTE 182.93 ▲ 0.88% BIMBO 59.57 ▲ 2.71% TELEVISA 9.72 ▲ 1.57% AMX 23.07 ▲ 0.30% GAP 382.37 ▼ 0.94% ASUR 276.20 ▼ 1.25% OMA 229.46 ▼ 0.50% KOF 181.88 ▲ 0.62% GRUMA 290.76 ▲ 1.49% KIMBER 38.51 ▼ 0.41% SQM-B 63,000 ▼ 3.74% COPEC 6,200 ▼ 0.79% BSANTANDER 76.75 ▼ 0.32% FALABELLA 5,751 ▼ 1.44% ENELAM 84.11 ▲ 0.08% CENCOSUD 1,995 — 0.00% CMPC 1,066 ▼ 0.36% BANCO CHILE 187.75 ▼ 0.40% LATAM AIR 24.35 ▼ 1.66% YPF 77,900 — 0.00% GGAL 7,780 ▼ 1.02% PAMPA 5,250 ▲ 1.55% TXAR 662.00 ▼ 0.30% ALUAR 954.00 ▲ 0.47% TGS 9,380 ▲ 0.11% CEPU 2,262 ▼ 0.09% MIRGOR 16,800 ▼ 0.44% COME 43.40 ▼ 1.00% LOMA NEGRA 3,515 ▼ 0.21% BYMA 296.50 ▼ 0.42% TELECOM ARG 4,118 ▼ 0.78% ECOPETROL 15.95 ▼ 0.87% BANCOLOMBIA 80.26 ▼ 0.19% GRUPO AVAL 4.92 — 0.00% CREDICORP 390.09 ▼ 0.13% SOUTHERN COPPER 174.74 ▲ 1.31% BUENAVENTURA 29.88 ▼ 1.19% MERCADOLIBRE 1,833 ▲ 1.04% NUBANK 13.74 ▲ 1.07% XP 16.80 ▲ 0.78% PAGSEGURO 9.18 ▲ 1.55% STONE 11.21 ▲ 0.49% GLOBANT 31.32 ▼ 2.84% TECNOGLASS 46.09 ▼ 0.84% GAP AIRPORT 219.44 ▼ 0.67% ASUR 276.20 ▼ 1.25% OMA AIRPORT 105.13 ▼ 0.17% AMX ADR 26.36 ▲ 0.34% FEMSA ADR 130.51 ▲ 1.15% CEMEX ADR 12.92 ▼ 0.39% PETROBRAS ADR 18.18 ▲ 1.14% VALE ADR 14.22 ▲ 0.18% ITAU ADR 8.32 ▲ 1.40% SANTANDER BR 5.31 ▲ 1.24% AMBEV ADR 3.07 ▲ 1.32% CSN 1.01 ▲ 1.91% GERDAU 4.70 ▼ 0.53% LATAM ADR 51.57 ▼ 1.88% BTC 64,404 ▼ 0.44% ETH 1,867 ▼ 0.24% SOL 76.09 ▼ 0.35% XRP 1.09 ▼ 0.29% BNB 567.12 ▼ 0.58% ADA 0.16 ▼ 2.16% DOGE 0.07 ▲ 0.04% AVAX 6.52 ▲ 0.99% LINK 8.36 ▼ 0.10% DOT 0.81 ▼ 1.00% LTC 46.65 ▼ 0.83% BCH 215.10 ▲ 0.10% TRX 0.33 ▼ 0.56% XLM 0.19 ▼ 0.89% HBAR 0.07 ▼ 0.68% NEAR 1.97 ▲ 2.85% ATOM 1.48 ▲ 0.07% AAVE 88.35 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Monday, July 20, 2026

Argentina Latin America

Milei’s Cabinet Chief Can’t Explain His Properties

By · April 8, 2026 · 4 min read

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Key Points

Manuel Adorni, Milei’s cabinet chief, acquired at least two undeclared properties while earning approximately $2,500/month — including a $230,000 apartment where the sellers themselves lent him 90% of the purchase price

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Federal prosecutor Gerardo Pollicita has opened an enrichment investigation and summoned the notary who handled the transactions to testify Wednesday, April 8

Milei is publicly backing Adorni while spending Easter weekend posting nearly 1,000 anti-journalist messages on social media — 14 hours of screen time in four days, according to La Nación’s count

The Adorni scandal in Argentina has become the most damaging governance crisis of the Milei presidency — not because of the amounts involved, which are modest by Latin American corruption standards, but because it strikes directly at the anti-casta identity that put Milei in power. As reported by La Nación and Infobae, the revelations are accumulating faster than the government can contain them.

What the Records Show

The cascade began when Adorni’s wife, Bettina Angeletti, was spotted on an official government delegation to New York without any formal role. That disclosure triggered a sequence of further revelations. A video surfaced showing Adorni and his family boarding a private jet to Punta del Este — a round trip costing approximately $10,000. Reporters then uncovered that Angeletti had purchased a house in the private Indio Cua Golf Club, 80 kilometers from Buenos Aires, in late 2024. The property was not included in Adorni’s asset declaration filed with the Anti-Corruption Office.

When Adorni held a press conference to address the controversy, he inadvertently revealed that he now lives in an apartment in Caballito — also undeclared. La Nación subsequently reported that he purchased the Caballito apartment in November 2025 for $230,000, and that the two retired women who sold it — aged 72 and 64 — also lent him $200,000 to complete the transaction. That means nearly 90% of the registered purchase price was financed by the sellers themselves. Additionally, his previous apartment in Parque Chacabuco carries two mortgages: one from 2014 for $75,000 from the original seller, and a second from November 2024 for $100,000 from two other women — executed on the same day Angeletti bought the golf club house.

The Salary Problem

Until early 2026, when he received a nearly 100% raise, Adorni earned approximately 3.5 million pesos per month — roughly $2,500. On that salary, the accumulation of a golf club house, an undeclared apartment, a Jeep Compass (acquired in March 2024 without selling his previous vehicle), reports of Caribbean vacations, and private jet travel to Uruguay presents what Argentine law calls an “unjustified patrimonial increase.” Investigative outlet Diagonales calculated that Adorni’s declared wealth multiplied tenfold since entering government. Federal prosecutor Gerardo Pollicita has opened a formal investigation for suspected illicit enrichment, and the notary who handled the Caballito and Indio Cua transactions, Adriana Mónica Nechevenko, is scheduled to testify on Wednesday with all documentation.

Milei’s Response: Back Adorni, Attack Journalists

President Milei has chosen to double down. He convened a cabinet meeting on Monday — the first since February 24 — explicitly to show unity behind Adorni, placing him at the center of the room and instructing all ministers to coordinate their agendas through his office. Milei and his sister Karina, the presidential secretary general who controls internal appointments, have made clear that Adorni retains their confidence. When Adorni was elevated to cabinet chief in November 2025, it was Karina’s backing that secured the appointment — and that backing has not wavered.

Simultaneously, Milei spent Easter weekend on a sustained social media offensive against the press. La Nación tallied nearly 1,000 messages — 86 original posts and 874 reposts — over four days, consuming an estimated 14 hours of screen time. He revived his slogan “NOLSALP” (an abbreviation meaning “we don’t hate journalists enough”) and used it repeatedly. When pressed by reporters at his last appearance, Adorni responded: “I spend my money on what I see fit, and I won’t discuss my spending decisions with you — you’re just a journalist.”

Why This Matters Beyond the Numbers

The Adorni scandal lands in a compressed political calendar. The CGT’s general strike is scheduled for Thursday, April 10, grounding 258 flights and shutting down transport, banking, and schools. The union’s demands have broadened beyond labor reform to encompass the entire austerity agenda — and a cabinet chief who cannot explain his property acquisitions hands the opposition a readymade argument about who the austerity is actually for.

It also follows a pattern. The $LIBRA cryptocurrency scandal in February 2025 saw Milei promote a token that crashed 90%, and the ANDIS disability agency kickback allegations implicated officials close to Karina Milei. Each time, the government’s defense has been the same: deny, attack the messenger, rally the base. But the accumulation of scandals is testing the structural credibility of a presidency built entirely on the promise of being different from the political class it replaced. The notary testifies Wednesday. The strike comes Thursday. And October’s elections are six months away.

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