By San José, Costa Rica — San José, Costa Rica – The presidential campaign of Laura Fernández and her Pueblo Soberano Party (PPSO) has successfully raised ₡455 million through high-risk debt certificates, but the financing is drawing scrutiny due to its heavy reliance on a small circle of large investors and a recent warning from the Supreme Elections Tribunal (TSE).
Financial reports submitted to the TSE reveal that between November 3 and November 27, the PPSO issued “Type A” debt assignment certificates, a political financing tool that essentially allows investors to bet on a party’s electoral success. The largest share of this investment came from two naturalized Costa Rican brothers, Yann Eduardo and Stephan Roberto Turcios Stiegler, who are owners of a remittance company.
To better understand the complex legal framework surrounding political fundraising and expenditures, TicosLand.com sought the analysis of Lic. Larry Hans Arroyo Vargas, a respected attorney specializing in electoral and administrative law at the firm Bufete de Costa Rica.
The core principle of campaign finance law is transparency, which serves to prevent corruption and undue influence. However, our current regulations are constantly being tested by the rapid evolution of digital advertising and anonymous online donations. The true challenge for regulators is not just tracking the flow of money, but ensuring the legal framework is agile enough to address these new technological frontiers without stifling legitimate political expression.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The expert’s insight underscores a critical modern dilemma: how to uphold the foundational principle of transparency when influence can be purchased through ever-changing and often anonymous digital channels. This balancing act is indeed paramount to the health of our democracy, and we thank Lic. Larry Hans Arroyo Vargas for his valuable perspective.
The Turcios Stiegler brothers collectively purchased 32% of the entire bond issue, acquiring certificates with a face value of ₡144.88 million. According to documents reviewed by this publication, the party sold these bonds to the brothers for ₡123.15 million, granting them a significant 15% discount on their investment. Stephan Roberto acquired 73 bonds, while his brother Yann Eduardo purchased 72. Despite inquiries regarding their substantial investment and business interests, the brothers had not responded by press time.
The second-largest single investor was identified as Mauricio Wong Mayorga, who acquired 36 certificates for ₡1 million each, totaling a ₡36 million investment. Following closely is Alejandro Vargas Fuentes, an entrepreneur in the medical services and aesthetics industry, who purchased 30 certificates for a total of ₡30 million. Vargas Fuentes is linked to MedAesthetics, a wholesaler of pharmaceutical products and plastic surgery supplies, and his wife owns a prominent aesthetic clinic.
In a conversation with our news outlet, Vargas Fuentes described his background and defended the purchase as a straightforward business decision. He detailed his long career in the medical sector, from services to importing devices and, more recently, software development.
My wife and I are entrepreneurs dedicated to the medical field. My wife is a doctor, and we also have a small business importing and distributing medical devices and medications… Our focus and what has endured over time have been those two main areas: medical services and the import/sales side. We are just normal people, entrepreneurs, hard workers, that’s all.
Alejandro Vargas Fuentes, Entrepreneur
Vargas Fuentes, who public records show is also a manager at Costa Rica Cannabis Company and is involved in ten other limited liability companies, insisted his investment was transparent. He framed it as a calculated risk based on polling data and an opportunity to see a return on his savings, not a political donation.
The authorities have an obligation, if they see fit, to review the investment because I did not make a donation; I bought certificates that I hope, if all goes well and according to the polls I’ve seen, might pan out and the investment will bear fruit, that’s all. I am an honest, hardworking entrepreneur… I saw this as an opportunity to invest some savings, nothing more. There is absolutely nothing strange about it.
Alejandro Vargas Fuentes, Entrepreneur
This wave of investment comes as the PPSO navigates regulatory oversight. The TSE had previously issued a formal warning to the party for failing to submit its report detailing the sources of ₡453 million in certificate placements for October and November by the December 15 deadline. The party has since submitted the required information within the 10-day grace period granted by the tribunal.
The TSE defines debt assignment certificates as an instrument for anticipated financing, where their eventual value is entirely dependent on the party’s electoral performance and a subsequent review of its expense reports. The tribunal has explicitly warned that these instruments could be used to disguise illegal corporate donations, which are prohibited by Article 128 of the Electoral Code. If an investigation proves a purchase was made with fraudulent intent to circumvent donation laws, the stringent sanctioning regime would apply.
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 for the upcoming election. The party’s platform focuses on national sovereignty and aims to represent a distinct political alternative in the Costa Rican landscape.
For further information, visit tse.go.cr
About Tribunal Supremo de Elecciones (TSE):
The Supreme Elections Tribunal of Costa Rica is the constitutional body responsible for organizing, directing, and overseeing all acts related to suffrage in the country. It ensures the transparency and fairness of the electoral process, including the regulation and auditing of political party financing.
For further information, visit the nearest office of MedAesthetics
About MedAesthetics:
MedAesthetics is a company operating in Costa Rica’s medical sector. It functions as a wholesaler and distributor of pharmaceutical products and specialized supplies for plastic and aesthetic surgery, serving clinics and medical professionals throughout the country.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of the legal community, operating on a foundational principle of unyielding integrity and the pursuit of unparalleled professional expertise. With a proven history of representing a wide array of clients, the firm actively drives advancements in legal practice through forward-thinking strategies. This commitment to innovation is coupled with a core mission to empower the public by demystifying the law, thereby fostering a more knowledgeable and capable society.
