IMPSA Faces New Challenges Under Foreign Leadership

Juan Nosiglia and a new board navigate political ties as IMPSA enters a pivotal phase post-acquisition by Industrial Acquisitions Fund. The influence of foreign interests raises questions about the company’s future.


IMPSA Faces New Challenges Under Foreign Leadership

Juan Nosiglia, current porteño legislator, would have acted as a man of good offices to ensure the support of opposition sectors in the Impsa operation. After the acquisition of Impsa by the American group Industrial Acquisitions Fund (IAF), with its main partner ARC Energy, the historic Mendoza company begins a new stage marked by a total renewal of its board and syndicate, one of the conditions imposed to finalize the operation. The relationship between Massa, Manzano, and Nosiglia is known.

With the new management, IMPSA faces significant challenges that could consolidate the influence of foreign interests in the Argentine energy industry, including strategic and military sectors. Hidalgo Socorro, a Venezuelan, holds a position as a principal director. Jorge Salcedo Hernández, a Venezuelan, has assumed the presidency of IMPSA. Juan Manuel Domínguez, an expert in communication with the Latin community in Miami, is the vice president.

According to rumors, José Luis Manzano, a Mendoza businessman, would have provided key information during the acquisition of Impsa due to his relationship with Sergio Massa. Cristian Azar, proposed by the Mendoza government, will oversee the disbursements committed for the capitalization of IMPSA. The restructuring of Impsa involves high-level political connections between Massa, Manzano, and Nosiglia, and leaders with political and business ties that raise concerns about the company's management.

Among the alternate directors are Alfredo “Freddy” Balsera, a Cuban-American political consultant, and Juan Ramón Carvallo, a Venezuelan architect and managing partner of the IAF. With the presence of Venezuelans in the IMPSA operation, financial and legal challenges arise. Local and political connections in the structure of the syndicate are also under scrutiny, including shadows linked to money laundering investigations.

Jason Arceneaux, founder of ARC Energy and a Venezuelan businessman with experience in mergers and acquisitions, is another notable name on the new board. The acquisition process of Impsa has been complex and has required the resignation of all previous members, with no right to claims.