Milei-allied real-estate mogul defends his Malvinas investment

Eduardo Elsztain, CEO of Argentina's IRSA Inversiones y Representaciones SA, defended his investment in the Malvinas Islands, home to the Falkland Islands Company, amid President Javier Milei's efforts to pressure businesses to align with his stance. Elsztain's Dolphin Fund has held a 2% stake in the British company for years, but the investment has drawn renewed controversy as Milei seeks to revive tensions over the territory.

Milei's press office circulated statements from Halliburton and Baker Hughes, both denying any operations in the islands, known as the Malvinas in Argentina and the Falklands in the UK. Elsztain, a staunch supporter of Milei, argued that Argentina's economic involvement in the Malvinas could have prevented the 1982 war. The Argentine Foreign Minister, Pablo Quirno, defended Elsztain, taking a more moderate stance than the government's criticism of other companies with interests in the islands.

Elsztain's real estate empire has been a significant supporter of Milei, and he even campaigned for the president in 2023. Milei is using the issue to galvanize support as economic conditions worsen, with his approval rating falling to its lowest point in July.