According to a study by the Office of the Comptroller General (SIGEN, for its acronym in Spanish), the state-owned Energy Argentina SA, Enarsa, violated Laws 24.156 and 19.550 of Financial Management Corporations, under which they operate. It was in 2007 when it bought 25 percent of the shares of the firm Citelec for $ 27 million with a loan from the bank ABN AMRO.

On one hand, the Supervisory Committee of Enarsa detailed that its budget for 2007 "did not provide any investment and borrowing" of the operation with Citelec, and the corporate assembly was not involved in the decision of purchase. Thus, the company failed seven articles of the Act concerning the different levels of the Federal Government Administration, and the company itself, which must approve the transaction.

On the other hand, Enarsa purchased shares in Citelec, more than half of its own capital and legal reserve amount, according to the financial statements approved by the company in 2006, and exceeded the limits stipulated in Article 31 the Corporations Law. Citelec, meanwhile, has an influential stake in the company Transener, licensee of the national network of transport of high voltage power.

The watchdog report indicates that the company does not have a statute that regulates internal procedures, expenses, and accountabilities. In addition, the directory of Enarsa signs contracts before they know what they are about and solve issues such as economic evaluations, "without sufficient data for analysis" or documents certified by the responsible areas.

Among other "control weaknesses," the activity of the Internal Audit Unit of the company "cannot be considered satisfactory" because it is made up of "a single person," said the SIGEN which likewise reproduced a report of the Supervisory Committee Enarsa in which there is a "need to implement an adequate system of internal control," taking into account the number and diversity of activities carried out by the company and "lean staffing:" the state has only 23 employees including technical, administrative, and trustees.

Enarsa "does not have an adequate system of internal control," concluded SIGEN, adding: "The lack of regulation, financial, and management information, does not provide an adequate framework for decision-making." Apart from its conclusions, the watchdog considered "low" willingness of the state owned company to "regularize the situations" for its Supervisory Committee.

Although the external control of Enarsa is the task of the General Audit’s Office, the SIGEN said the company hired a private studio for its first two years, 2005 and 2006. According to the Trustee, the company argued that in the first year they requested an audit service to the AGN, but "did not have an answer" and decided to hire the consulting firm Price Waterhouse because it presented a budget of $ 15,000 in 2006, compared to $ 30,000 that the Audit had offered.