Caputo 100-year bond case goes to top criminal court
JUSTICE · ARGENTINA
Key Facts
- —The country Argentina. Luis Caputo, now economy minister under President Javier Milei, ran the finance portfolio under Mauricio Macri and sold a 100-year bond in June 2017.
- —What happened On Friday 2 October 2026 a federal appeals panel voted two to one to send his dismissal to the top criminal court for review, Infobae and Perfil reported.
- —Who is involved Judges Pablo Bertuzzi and Pablo Yadarola formed the majority; Mariano Llorens dissented. Prosecutor Eugenia Anzorreguy de Silva brought the appeal.
- —What it means for you The dismissal, confirmed on 7 September 2026, stays in force while the review runs. Caputo faces no charges today, but the case is not yet closed for good.
- —Still open When the Federal Criminal Cassation Court will rule, and whether it upholds or overturns the dismissal. No timetable had been reported as of 3 October.
The Caputo 100-year bond case is not finished after all. On Friday 2 October, a federal appeals panel in Buenos Aires let prosecutors challenge the economy minister’s dismissal one level higher.
The ruling does not reopen the investigation. Luis Caputo remains cleared, but that clearance is no longer final until Argentina’s top criminal court has its say.
What the court decided on Friday
The decision came from Chamber I of the Federal Criminal and Correctional Appeals Court, the federal appeals court in Buenos Aires. It declared admissible an appeal by prosecutor Eugenia Anzorreguy de Silva against Caputo’s dismissal.
Judges Pablo Bertuzzi and Pablo Yadarola found the appeal was filed on time and properly argued, according to Perfil. They also held that a dismissal is a final judgment, which makes it open to review.
Judge Mariano Llorens dissented. Infobae reported he saw the appeal as a rerun of arguments already rejected and insufficient for a further hearing.
The file now goes to the Federal Criminal Cassation Court, the country’s highest criminal tribunal below the Supreme Court. The prosecutor has three days from the file’s arrival to defend her appeal there, Perfil and Noticias Argentinas reported.
What the investigation was about
Caputo was accused of omitting from his 2014–2016 asset declarations that he co-owned Princess International Group, a Cayman Islands company. According to Infobae, that firm controlled the Noctua investment group, which included the Argentine company LC Advisors.
The complaint alleged he favoured that group when issuing dollar bonds, and that he may have passed on inside information. Noctua Partners was among the buyers of Argentine bonds, the court record cited by Infobae says.
The best-known of those bonds is the century bond of June 2017. Argentina’s finance ministry sold US$2.75 billion of it with a 7.125% coupon, a yield of 7.9% at the time.
Why the courts cleared him
Federal prosecutor Carlos Rívolo had asked to question Caputo as a suspect. Judge Julián Ercolini refused and dismissed the case, finding that no crime had been committed.
On 7 September 2026 the appeals court confirmed that decision. It found no proof of the “malice” needed to punish an omission, nor of mixing public and private interests.
The judges noted that Caputo had reported his LC Advisors stake to AFIP, the tax agency at the time. Citing defence papers, they ruled his brother was Princess International’s final owner, and Caputo had left it before the bond deal, Perfil said.
The court also said the debt issues were policy decisions involving several officials, not one man’s choice. Prosecutors had not shown any concrete advantage gained by Noctua, it added.
Why it matters beyond the courtroom
Caputo manages Argentina’s debt and its talks with investors, one of the key posts in Milei’s government. A live case over past bond sales keeps a question mark over him, even while he stands cleared.
Two court levels have already found no crime, which is the stabiliser here. Argentina’s country risk stood at 646 points on 2 October, the day of the ruling.
What Is Not Yet Known
It is not known when the Cassation Court will rule, or which of its chambers will hear the case. The reports of 2 and 3 October did not say how Caputo’s defence will answer the appeal.
If the Cassation Court overturns the dismissal, the case would return to the trial judge. If it upholds it, the Caputo 100-year bond case would close, subject to any further appeal to the Supreme Court.
Has Luis Caputo been charged?
No. He was dismissed by a federal judge, and the appeals court confirmed that on 7 September 2026. The dismissal stays in force while the Cassation Court reviews it.
What is the Federal Criminal Cassation Court?
It is Argentina’s highest criminal court below the Supreme Court. It reviews rulings of the federal appeals courts on points of law.
What was Argentina’s 100-year bond?
A US$2.75 billion dollar bond due in 2117, sold in June 2017 with a 7.125% coupon. Caputo was finance minister at the time.
Sources: Infobae (2 October 2026); Perfil (2 October 2026); Noticias Argentinas (2 October 2026); Primera Edición (3 October 2026); Argentine Ministry of Economy, bond issue statement (19 June 2017).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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