Pursuits
Billionaire Dodges Argentina Tax Sending Cash to Holland
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When Argentina canceled its double-taxation treaty with Spain last year, it had a lot to do with a billionaire named Paolo Rocca, the world’s 105th-richest man.
Rocca, an Italian citizen living in Argentina, transferred control of one of his Buenos Aires-based steel units in 2008 to Dirken Co., an Uruguay-based shell company, according to regulatory filings. Dirken, in turn, passed control to Ternium Internacional Espana SL, an entity domiciled in Valencia, Spain.