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How Fuerza Popular Explained Its 2011 Campaign Funds

By Emily Johnson
How Fuerza Popular Explained Its 2011 Campaign Funds

Following a runoff victory over Roberto Sánchez by a narrow margin of merely 49,641 votes, Keiko Fujimori Higuchi assumed the presidency of Peru on July 28, 2026. This marked her fourth run for the nation’s highest office. She enters the presidency carrying 69 prosecutorial investigations in her background—with 51 now closed and 18 still active—the vast majority originating from the “Cócteles” inquiry, which examines irregular funding surrounding her 2011 and 2016 electoral campaigns and encompasses admitted donations from the Brazilian construction giant Odebrecht. The established findings concerning her political trajectory are examined in this dossier.

Table of findings

N Finding Detail Status
1 “Cócteles” case — 2011 campaign Simulated donations originating from corporate figures and Odebrecht (US$1 million) channeled as “cocktail parties” and raffles Partially acknowledged by the defense team of Fuerza Popular
2 “Cócteles” case — 2016 campaign Unreported funds, such as US$480,000 gathered by José Chlimper Under investigation by the Prosecutor’s Office; lacking a definitive verdict
3 Pretrial detention (2018-2019) Surpassing 13 months behind bars driven by the danger of impeding the inquiry Validated — judicial mandate executed
4 Trial (2024-2025) Charged with criminal organization, money laundering, obstruction, and false statement; the Prosecutor’s Office requested 30 years and 10 months of imprisonment Proceedings conducted; devoid of a substantive conviction
5 Trial annulled by the TC (Oct. 2025) The Constitutional Court invalidated the proceedings due to procedural flaws blamed on the Prosecutor’s Office Validated — TC decree
6 Definitive dismissal (Jan. 2026) The TC mandated the dropping of the money laundering and criminal organization charges concerning the 2011 and 2016 donations Validated — TC decree
7 Unsubstantiated electoral fraud claim (2021) Following her runoff defeat, she advanced the “electoral fraud” thesis and attempted to invalidate ballots Dismissed — the OAS and the EU characterized the ballot as clean
8 Appointment of people formerly under investigation to her government (Sept. 2026) She designated Jaime Yoshiyama, José Chlimper, and Arsenio Oré —investigated in the “Cócteles” inquiry— to a presidential advisory board Corroborated by press reports
9 Clash with the Judiciary over her UN speech (Sept. 2026) During the General Assembly, she challenged the ongoing legal actions against service members regarding the counter-terrorism campaign; the head of the Judiciary rejected her remarks Corroborated — her personal public declaration

1. The “Cócteles” case — financing of the 2011 campaign

Back in September 2011, the National Office of Electoral Processes (ONPE) documented that Fuerza Popular (known at the time as Fuerza 2011) reported earnings exceeding S/17 million for that presidential race, alongside a high volume of transfers from unknown sources. The political organization accounted for a fraction of those funds through two gatherings: a December 2010 cocktail event that allegedly brought in roughly US$119,750, and a second one held that same month totaling around US$90,000. Ever since 2014, the Prosecutor’s Office has argued that such raffles and cocktail receptions could not have financed a campaign on that scale, suggesting they actually concealed a ring of “simulated contributors” or “pitufeo” (smurfing)—namely, entrepreneurs who lent their identities to disguise the true source of the cash. El Comercio noted that the legal team representing Fuerza Popular admitted during court proceedings that fictitious donors were indeed utilized, while firmly rejecting the notion that these actions amounted to money laundering.

Credicorp’s Dionisio Romero, with about US$3.65 million, and Juan Rassmuss of Sudamericana de Fibras appear among the identified contributors, Resumen Latinoamericano reported. Jorge Barata, who represented Odebrecht in Peru, told Peruvian prosecutors in February 2019 that the Brazilian builder had given US$1.2 million to the 2011 campaign by way of Jaime Yoshiyama, according to RPP. In addition, Marcelo Odebrecht’s notebook, disclosed in 2017, contained a note about “increase Keiko,” as cited by El Comercio.

2. The “Cócteles” case — financing of the 2016 campaign

The identical inquiry was further widened to encompass the 2016 presidential race, during which Fujimori was defeated in the second round by Pedro Pablo Kuczynski by an exceptionally narrow margin. As reported by Resumen Latinoamericano, back in 2016 José Chlimper Ackerman, serving at that time as the secretary general of Fuerza Popular, allegedly gathered US$480,000 through five separate deliveries, funds whose ultimate whereabouts remained undetermined within the investigative file compiled by prosecutors. An assessment published in 2018 by the Money Laundering Prosecutor’s Office revealed that the political organization managed to justify merely 33% of the total funds secured throughout both electoral contests.

The Prosecutor’s Office, led by prosecutor José Domingo Pérez, asserts that Fujimori and the Fuerza Popular hierarchy employed identical fake-donor tactics back in 2016 to mask the true source of the money, as outlined by El Comercio. Among the individuals called to the stand was former congressman Rolando Reátegui, who signed a collaboration agreement (colaboración eficaz) and detailed how he enlisted sham contributors throughout the San Martín region upon instructions from the party command, based on reports from Epicentro.

3. Preliminary detention and pretrial detention (2018-2019)

In October 2018, Fujimori was placed in preliminary detention for ten days while the Prosecutor’s Office investigated alleged money laundering linked to the cocktail parties and raffles of Fuerza 2011, according to Al Jazeera. Months later, judge Richard Concepción Carhuancho granted the prosecutors’ request for pretrial detention due to the risk of obstruction of the investigation, and Fujimori remained in custody at the Anexo de Mujeres prison in Chorrillos for more than 13 months, according to La República. Under the prosecution’s theory at the time, Fujimori “directs, leads and coordinates” the activities of a criminal organization within her party. The measure was later reviewed and Fujimori regained her freedom, although she remained subject to various restrictions (comparecencia, a ban on leaving the country) as the case moved forward.

4. Trial and the prosecution’s indictment (2024-2025)

The trial in the “Cócteles” case began on July 1, 2024, against Fujimori, her former partner Mark Vito Villanella and 44 other people, according to Infobae. She was accused of criminal organization, money laundering, obstruction of justice and false statement in an administrative proceeding. The indictment review phase prior to trial had lasted one year and nine months under judge Zúñiga, with a prosecutors’ case file of more than 13,000 pages, according to El Comercio, which also details that the Prosecutor’s Office sought 30 years and 10 months in prison for former advisers Pier Figari and Ana Herz, and 22 years and 8 months for Vito Villanella.

That same case file records that a protected witness said Figari and Herz took money from businesspeople who wanted to stay off the official list of 2011 campaign contributors. Throughout the proceedings, Fujimori’s defense argued that the Prosecutor’s Office would not manage to prove money laundering.

5. Trial annulled by the Constitutional Court (October 2025)

In October 2025, while the trial was still under way, the Constitutional Court (TC) annulled the proceedings that had begun in 2024. As reported by La Válvula, the TC found that the Prosecutor’s Office had made multiple amendments to its indictment that undermined the defendants’ right to due process. The ruling did not address whether or not the irregular financing took place, but rather procedural defects attributed to the Public Prosecutor’s Office over the years of the investigation.

6. Definitive dismissal of the case (January 2026)

As La Válvula reported, in January 2026 the Constitutional Court ordered that the charges of money laundering and criminal organization tied to the contributions to the 2011 and 2016 campaigns be dismissed. The court’s reasoning, as El Comercio reconstructs it, rested on two points: when the investigated events occurred (2011 and 2016), irregular party financing did not exist as a standalone crime —that offense only came into force in 2019— and no criminal organization within the party had been proven. Earlier, Pedro Pablo Kuczynski had benefited from that same procedural path, and his case over Odebrecht contributions was likewise dismissed in 2026; this led Ollanta Humala, convicted for similar acts and still behind bars, to complain publicly.

This ruling brings to a close, at least within the realm of criminal justice, the judicial chapter that defined Fujimori’s political journey for upwards of ten years.

7. Unsubstantiated electoral fraud claim (2021)

After losing the 2021 runoff to Pedro Castillo by a margin of 0.25 percentage points, Fujimori initially refused to recognize the result, alleged fraud and filed hundreds of requests to annul tally sheets and votes, according to Wikipedia. The National Elections Jury (JNE) rejected those challenges and proclaimed Castillo the winner on July 19, 2021; only then did Fujimori announce that she would abide by the result.

International electoral observation bodies, including the Organization of American States and the European Union, concluded that the election had been clean and competitive, according to La Válvula. No irregularity was documented that would support the fraud claim on the scale needed to overturn the result.

8. Appointment of people formerly under investigation to her government (September 2026)

On September 16, 2026, now as president, Fujimori appointed Jaime Yoshiyama Tanaka, José Chlimper Ackerman and Arsenio Oré to an Advisory Commission of the Presidential Office, according to La República. Yoshiyama was identified by the Prosecutor’s Office as the person who, according to Jorge Barata’s testimony, received and concealed Odebrecht’s contributions to the 2011 campaign; Chlimper, the party’s secretary general at the time, was investigated for the same crimes attributed to Fujimori (criminal organization, money laundering, false statement and generic falsification). Both had been ministers during the government of Alberto Fujimori.

With the case dismissed in January 2026, none of the three faces any pending charges in the “Cócteles” case, but the appointment revived questions about the president’s closeness to the circle singled out in the case that defined her career.

9. Clash with the Judiciary over her UN speech (September 2026)

Speaking before the United Nations General Assembly on September 22, 2026, Fujimori said: “we defeated terrorism, but unfortunately even today, after 34 years, those who took on that mission are still being prosecuted, despite it having been shown that due process was violated,” Infobae reported. Janet Tello, president of the Judiciary, “completely” rejected those remarks; she noted that judges, too, were murdered in the fight against terrorism and that it was judges who convicted Abimael Guzmán.

Fujimori did not back down. As Infobae reported, her answer was that she would not “stay silent” about “the mistakes of the past.” With that exchange, her government and the head of the Judiciary entered their first public confrontation.

Annex: open investigations without indictment or judgment

These inquiries remain active, having yielded neither formal charges nor a legal verdict thus far. They form part of her judicial history rather than established truths. Ever since she assumed office, Article 117 of the Constitution has restricted the advancement of legal proceedings against her throughout her tenure, as reported by Gestión.

Inquiry regarding contributions made to the 2021 campaign

On September 30, 2025, the First Supraprovincial Corporate Prosecutor’s Office Specialized in Money Laundering Crimes formally launched a preparatory investigation targeting Fujimori, Luis Galarreta, Miguel Torres, Lidman Miranda, alongside the political party Fuerza Popular as a corporate entity, alleging they formed a criminal organization to launder assets via donations tied to the 2021 election campaign, as reported by RPP. The timeframe spans 36 months, and magistrate Wilson Verástegui mandated merely simple appearance (comparecencia simple).

Based on Infobae, the prosecution’s hypothesis encompasses bogus contributions of unstated provenance, the deployment of S/1.6 million in state funds for electoral ends, alongside the gathering of S/1,258,708 between July 9 and 30, 2021, to contest the triumph of Pedro Castillo. Several contributors denied having made the donations attributed to them. Neither a formal charge nor a ruling exists at this time.

The Alas Peruanas case

In an investigation separate from the “Cócteles” case, the Public Prosecutor’s Office accuses Fujimori and her former adviser Pier Figari of alleged aggravated money laundering with money that reportedly came from Universidad Alas Peruanas and from the organization attributed to its founder, Fidel Ramírez, father of former Fuerza Popular secretary general Joaquín Ramírez. According to La República, the prosecution’s theory includes S/210,000 received in 2011, S/54,536 between 2014 and 2015, and two property transfers in Lima.

The Fourth National Preparatory Investigation Court added Fuerza Popular as a legal entity on April 30, 2025, but Gestión later reported that an appeals chamber declared that inclusion unlawful and removed the party from the proceedings. The investigation against the individuals remains open, without an indictment.

Illicit enrichment investigation (2026)

On February 4, 2026, weeks after the dismissal of the “Cócteles” proceedings, reports revealed that Lima’s First Provincial Corporate Prosecutor’s Office Specialized in Public Corruption Crimes had launched a probe into Fujimori concerning illicit enrichment, as reported by Infobae. Investigators are centering their attention on the US$3.6 million in cash allegedly given to her by Dionisio Romero across the period from November 2010 to May 2011; authorities point out that her official financial disclosures as a congresswoman for 2010 and 2011 showed virtually no variation despite the injection of those funds.

This probe looks at her personal assets, unlike the dismissed case, whose focus was party financing. It has been classified as complex and was given an initial term of eight months. No indictment exists.

Sources

By Emily Johnson

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