'Million dollar baby'! Brazilian President's 7-year-old son a millionaire

| Tuesday, May 31, 2016 - 16:16
First Published |
'Million dollar baby'! Brazilian president's 7-year-old son a millionaire

Pictorial representation

New Delhi: The youngest son of Brazil's interim President Michel Temer legally owns a business complex which is worth a little more than two million reais ($560,000).

Seven-year-old Michel is the sole owner of two large commercial offices in a fancy neighbourhood in Sao Paulo, and Temer's business office is located at one of the sites, Xinhua news agency reported on Tuesday.
The properties were transferred to junior Michel as his anticipated inheritance, and the interim president's older daughters, all adults now, also received some real estate in the same manner, Temer's spokesperson said.
However, when Temer ran as President Dilma Rousseff's vice president in 2014, he declared to the Federal Revenues Secretariat that the properties were only worth 190,000 reais ($53,200).
According to a report, politicians often declare their properties' value at the time they were bought, as the law does not require them to update the value, which makes politicians appear less wealthy than they actually are.
The report said the value of Temer's properties has grown significantly since 2006, when he was elected to the Congress.
From 2006 to 2014, the daily said, the value of Temer's real estate increased at a rate twice higher than the inflation rate of the period.

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