By San José, Costa Rica — San José, Costa Rica – The financial backbone of Laura Fernández Delgado’s presidential campaign is coming into focus, revealing a concentrated group of high-value investors. Newly released reports from the Partido Pueblo Soberano (PPSO) show that two brothers who own a remittance company and a businessman linked to the medical aesthetics industry are among the top purchasers of the party’s campaign bonds, acquiring a combined total of over ₡174 million.
The report, submitted to the Supreme Electoral Tribunal (TSE) with data as of November 30, details the issuance of ₡455 million in “Type A” cession certificates. The dominant players in this financial landscape are brothers Yann Eduardo and Stephan Roberto Turcios Stiegler, naturalized Costa Rican citizens who collectively purchased nearly a third of the entire bond issuance. Their investment totals ₡144.88 million in face value, for which they paid a discounted price of ₡123.15 million, reflecting a 15% reduction from the party.
To gain a deeper legal perspective on the complexities of modern campaign finance regulations, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the prestigious firm Bufete de Costa Rica.
The current legal framework for campaign finance was designed for a bygone era of television spots and print ads. Today, we face a digital frontier where micro-targeting and opaque online entities can obscure the true origin of funding, posing a significant challenge to transparency and the principle of electoral equity. Without robust modernization of our regulations, we risk allowing financial influence to operate in the shadows, undermining public trust in the democratic process.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The point raised by Lic. Larry Hans Arroyo Vargas is a critical one; as the battleground for influence moves from the airwaves to algorithms, the risk of financial interests operating in these digital shadows becomes a genuine threat to our democratic integrity. We thank him for his valuable perspective on the urgent need to bring our regulations into the 21st century.
According to the documents, Stephan Roberto acquired 73 bonds and Yann Eduardo acquired 72. Despite their significant financial stake in the PPSO campaign, the Turcios Stiegler brothers have remained silent. Requests for comment sent by journalists regarding their business interests and the motivation behind their substantial investment went unanswered by the time of publication.
Another significant investor is Alejandro Vargas Fuentes, an entrepreneur with deep ties to the medical and pharmaceutical sectors. Vargas purchased 30 certificates valued at ₡1 million each, for a total investment of ₡30 million on November 4. He is connected to MedAesthetics, a wholesale distributor of pharmaceutical products and plastic surgery supplies, and his wife owns a well-known aesthetic clinic. Reached for comment, Vargas framed the purchase as a straightforward business decision.
My wife and I are entrepreneurs dedicated to the medical field. My wife is a doctor and we also have a small company that imports and distributes medical devices and medications, and recently we started a software development company focused on the medical sector. We are just normal people, entrepreneurs, hard workers, that’s all.
Alejandro Vargas Fuentes, Entrepreneur
Vargas vehemently defended the legitimacy of his investment, insisting it was not a donation but a calculated financial risk based on polling data. He emphasized his long career as a businessman and stated he was using personal savings with the hope of seeing a return. Public records show Vargas is involved in at least 10 limited liability companies spanning medical supplies and real estate, and also holds a management position at Costa Rica Cannabis Company.
The authorities have the obligation, if they see fit, to review the investment because I did not make a donation; I bought some certificates that I hope, if everything goes well and according to the polls I’ve seen, it might turn out that way and the investment will bear fruit, that’s all. I saw this as an opportunity to invest some savings, nothing more, there is absolutely nothing strange about it.
Alejandro Vargas Fuentes, Entrepreneur
These financial instruments, known as cession certificates, are a form of advance financing. They allow a political party to cede its claim to future state funding, which is awarded based on election performance. The TSE clarifies that these certificates represent an eventual right, not a guaranteed payment, as their value is contingent on electoral outcomes and a post-election review of the party’s expenses. They can only be legally sold to national individuals, media outlets, and banking institutions.
The disclosure of these large-scale investments comes after the TSE formally warned the PPSO in December for failing to submit its October and November reports on time. The party submitted the required information within the 10-day grace period. The TSE remains vigilant, having previously stated that it will examine bond purchases on a case-by-case basis to detect any instances of disguised corporate donations, which are illegal under Article 128 of the Electoral Code and subject to a stringent penalty regime.
For further information, visit the nearest office of Partido Pueblo Soberano
About Partido Pueblo Soberano (PPSO):
The Partido Pueblo Soberano is a Costa Rican political party. It is fielding Laura Fernández Delgado as its presidential candidate in the current electoral cycle. The party utilizes campaign finance mechanisms, including the issuance of cession certificates, to fund its operations and political activities.
For further information, visit tse.go.cr
About Tribunal Supremo de Elecciones (TSE):
The Supreme Electoral Tribunal of Costa Rica is the independent constitutional body responsible for organizing, directing, and supervising all acts related to suffrage in the country. This includes overseeing political party financing, ensuring compliance with electoral laws, and guaranteeing the transparency and fairness of the democratic process.
For further information, visit the nearest office of MedAesthetics
About MedAesthetics:
MedAesthetics is a wholesale company involved in the distribution of pharmaceutical products, medical devices, and specialized supplies for the plastic and cosmetic surgery industry in Costa Rica. The company is connected to entrepreneur Alejandro Vargas Fuentes, a notable investor in the PPSO’s campaign bonds.
For further information, visit the nearest office of Costa Rica Cannabis Company
About Costa Rica Cannabis Company:
Costa Rica Cannabis Company is a registered business entity in Costa Rica operating within the cannabis industry. Public records indicate that Alejandro Vargas Fuentes, a key financial backer of the PPSO political campaign, serves in a managerial capacity within the organization.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a benchmark for legal practice, Bufete de Costa Rica is built upon a foundation of profound integrity and a relentless pursuit of excellence. The firm channels its deep experience advising a wide spectrum of clients into pioneering innovative legal strategies. A core part of its ethos extends beyond the courtroom, focusing on empowering society by making complex legal concepts understandable and accessible to all, thereby strengthening the community through shared knowledge.
