The General Audit Office (AGN, for its acronym in Spanish) found that until 2008 the Argentina Nanotechnology Foundation, also known as FAN, did not invest a single penny of the funds provided by the Federal Government to promote and develop projects in the scientific field.

The FAN was created by the Government in 2005 and its aim was to "lay the foundation and promote the development of micro and nanotechnologies –field dedicated to the control and manipulation of matter at a scale equivalent to a millionth of a meter -" said the Watchdog.

Between the period 2005 and 2007, the income of FAN was $19,179,573.78, of which $ 18,012,000 was provided by the state and, although it spent only 3.9% of the total received, the expenses "were not linked to the development or promotion of nanotechnology development projects."

Even by the Audit, "the income of the Foundation for State contributions remained idle in a bank account from its inception until June 2006," and from that date, they are "invested in CDs". In addition, the AGN found that "there is no formal record of investments", or even a bank book.

The report explains that only in 2008 the FAN spent "$70,000 in advances for the formulation of projects." In fact, it clarifies that "it did not reach any of the goals set out in the annual compliance Triennial Plan" submitted to the General Inspectorate of Justice, but "only materialize substantive complementary activities, such as institutional promotion and advertising by providing sponsorship in media. "

The Audit Office adds that the FAN left "in fact" the three-year plan in 2006, "but did not implement a strategic plan for replacement." In addition, except for its first year of operation "it was not covered by a CEO," while "enforcement activity was undertaken directly by the Board of Directors and Advisory Council, without the continuity and dynamism required to realize the statutory purposes."

The AGN ends its report by stating that, "since the birth of the Fan in 2005 until the end of field work, the agency did not develop by itself or participated in the development of any project", as envisaged in its objectives.