Ten days to limit the opacity. The General Inspection of Justice (IGJ), the body that regulates legal entities and that after the change of authorities fell under the orbit of influence of Karina Mileisummoned the Faro Argentina Foundation to inform you who are the donors who contributed to you almost $5 billion during 2024. The intimation points to the heart of the think tank libertarian closest to the wing of Santiago Caputo: its financing is a mystery, and the IGJ wants to know where the money comes from.
The location represents the first sign of tension between the two factions of the ruling party around an entity that, in just one year, became the largest private political financing machinery in the libertarian space. Faro raised $4,957 million during 2024, allocated more than $1,000 million to political advertising on social networks in the following year, but is ignored What’s behind those numbers under lock and key?. To the point that it presented its balance sheet before the IGJ with almost eleven months late, without identifying a donor, with the accounting books not updated and with four financial holes that the document does not explain, as verified THE NATION.
The entity was born on the remains of the Valorar Foundation, an organization dedicated to alleviating social vulnerability that in 2023 had declared a net worth of $12 million and income of $49 million. But after the arrival of Agustín Laje and Francisco Caputothe brother of the “Kremlin Wizard”, The entity’s income multiplied 78 times and its assets grew 356 times.to exceed $4.3 billion, according to data revealed by Chequeado and verified by THE NATION.
The transformation began between April and May 2024, already with Javier Milei in the Casa Rosada, when the entire board of directors of the then Valorar y Fundación resigned. Laje and Francisco Caputo took command. Months later, the IGJ approved the name change through Resolution 808 of October 2024 and the headquarters were moved from Cerrito 1130 to Reconquista 40. The statutory object, however, could not be modified: In theory, the foundation still aspires to “address the reality of people and communities in the context of inequality.”.
Now with its new name, the foundation organized three dinners with businessmen and politicians in the Yacht Club Puerto Madero as part of its fundraising strategy: November 13, 2024, and August 4 and December 15, 2025, with Milei as the keynote speaker at all three. They attended the first one José Luis Manzano (Edenor), Hugo Eurnekian (America Corporation), Martin Migoya and Guibert Englebienne (Globant), Betina Bulgheroni (Pan American Energy), Marcelo Mindlin (Pampa Energía), Claudio Belocopitt (Swiss Medical), Sebastián Bagó, Horacio Marin (YPF) and representatives of Vista Oil & Gas, TotalEnergies and Techintamong others. The cover would have reached US$25,000although the organization did not break down what was collected or reveal the identity of the contributors when asked by LA NACION.
The choice of the place for the dinners was not accidental. The Yacht Club belongs to the Neuss Groupled by brothers Juan and Patrick Neussof notable business expansion since Milei came to power: in January 2026, the Government awarded them two of the four hydroelectric plants concessioned through Edison Energy. The Neusses also maintain a long-standing friendship with Santiago Caputo: they have known each other since childhood and shared meetings in the Martindale Country Club by Pilar, according to the book The Monk, by Maia Jastreblansky and Manuel Jove.
A balance with four silences
The balance for fiscal year 2024 – approved at the assembly on May 19, 2025 and presented to the IGJ on April 9 of this year – arrived with almost eleven months late and with more questions than answers.
The first and most serious opacity, according to experts consulted by THE NATIONthe thing is 99% of the income appears under the concept “donations, courses, workshops and prevention”, but Faro’s balance sheet does not identify any donor. The IGJ regulations require individualizing those who exceed the equivalent of 40 minimum wages. Hence the injunction: the IGJ wants the names, and the foundation has ten days to deliver them.
The second lack of clarity was established by the foundation’s own auditors. Crowe’s independent accountants – the firm Canepa, Kopec and Associates– They highlighted in their report that, at the time of presentation to the IGJ, The financial statements were still pending transcription in Faro’s accounting books.. In other words: the foundation presented balances that it had not recorded in its own books.
The third opacity involves $246.4 million that are recorded in the accounting records as “several debtors”but without identifying which natural or legal persons the money was lent to, nor under what conditions.
The fourth opacity is the most paradoxical: despite having received almost $5 billion in donations, the foundation also took out loans—$2.1 million current and $32.3 million non-current—without the balance sheet explaining their origin or conditions. It also recorded a security deposit of $31.5 million in non-current assets, which could indicate the rental of a large property, and income of $3.2 million from own rentals.
Regarding the declared destination of the funds, Faro did detail that invested $4,188 million – 84% of its income – in mutual funds, Treasury bills and bonds. The rest was distributed in events, campaigns and dissemination ($205 million), rents and expenses ($116 million), security services ($59.8 million), taxes ($76 million), fees ($39.9 million), office expenses ($25.6 million), salaries ($23.9 million) and travel ($2.9 million).
The amounts result substantial. By way of context: the foundations linked to the PRO —Pensar and Suma, among them— together raised around a million dollars annually at their peak activity, between 2013 and 2015; That is, when the then head of the Buenos Aires Government, Mauricio Macri, promoted his campaign towards the Casa Rosada.
“Cultural battle” and international network
The contrast between Faro’s statutory object – “addressing social vulnerability” – and the actual use of its funds becomes more strident when looking at the final destination of part of the proceeds.
Between late March 2025 and early March 2026, the foundation spent $1.079 million on political advertising on networks through account “Official Ratio”in more than 15,000 publications classified by Meta as political or electoral advertising. The figure was only behind the Chief of Staff. And in the elections for the City of Buenos Aires in May and for the province in September 2025,
Ratio was the firstan individual investor in political advertising, even above the official account of La Libertad Avanza. Verifiers also identified publications with misinformation on sensitive topics.
Laje, 37, met Milei at least four times in Olivos between December 2023 and November 2025. At the international level, he integrates multiple conservative networks -CPAC, Disenso Foundation of Spain- and in April 2025 it organized the “Meeting for Freedom” in Buenos Aires together with the Center for Fundamental Rights of Hungary, the Heritage Foundation and Future Nation, the think tank of Francesco Giubilei’s Brothers of Italy party.
The foundation also has or had, in addition, tax exemption before ARCA, valid until December 31, 2025. There is no public evidence that it has been renewed, which would mean that from January 2026 the entity could be operating without that tax benefit. But the IGJ did not concentrate its focus on that axis but on a more basic one: the donors. And he gave those responsible for Faro ten days to give the names. The clock is already ticking.
