In Argentina, Eduardo Elsztain defends investments in the Malvinas Islands
In Argentina, IRSA Inversiones y Representaciones CEO Eduardo Elsztain defended his investment strategy regarding the Malvinas (Falkland) Islands amid an intensifying dispute over sovereignty of the archipelago. As the Buenos Aires Times reports, the businessman spoke out after he said he had seen conspiracy theories and antisemitic theories concerning his stake in the British FIH Group Plc.
Stake in the British group
Elsztain's Dolphin Fund Ltd has held about 2% of FIH Group shares for several years. The company is the parent structure of the Falkland Islands Company, which operates on the islands in retail, construction and travel.
In a LinkedIn post, Elsztain said that his grandfather Isaac believed that if Argentina had been economically involved in the life of the islands throughout the 20th century, the 1982 war could probably have been avoided. According to the businessman, the goal was to deepen economic, cultural and industrial ties with the islands through an Argentine company that could help uphold Argentina's claim to sovereignty.
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Milei government's position
Argentina's Foreign Minister Pablo Quirno also defended Elsztain after he was called a traitor on social media. The publication notes that this position differs from the tougher rhetoric of President Javier Milei's government toward other companies with commercial interests on the islands.
Elsztain said that he had tried to acquire a controlling stake in the Falkland Islands Company, but British authorities did not allow an Argentine to gain control of the islands' most important business. He also said that former Argentine President Juan Domingo Perón had at one time tried to buy the company.
The Milei administration is increasing pressure on companies as the start of offshore oil extraction near the islands approaches. The presidential press office circulated statements from Halliburton, SLB and Baker Hughes in which the companies confirmed they have no oil development operations near the archipelago. British officials, for their part, reiterated the position that the islands belong to the United Kingdom.
