Rolexgate has plunged President Dina Boluarte’s approval rating to 9%, exposing undeclared luxury watches and deeper corruption issues in Peru’s political scene.

Peru’s political scene has been shaken by a significant scandal involving the Canadian-backed government of President Dina Boluarte. The controversy centers around allegations of corruption and luxury gifts, including Rolex watches, which have dramatically impacted public perception and led to a steep decline in Boluarte’s approval rating, now plummeting to a dismal 9%.

The scandal began when the independent online media outlet “La Encerrona” revealed on March 14, 2024, that Boluarte had worn approximately 15 undeclared luxury watches at various official events. This discovery was made after analyzing thousands of photos of the president. Among the watches identified was a steel Rolex Datejust 36 with 18-karat rose gold and diamond inlays, valued at around $19,000. None of these luxury items were declared in the assets disclosure required of public officials, which is mandatory for all civil servants in Peru.

Initially, Boluarte claimed that she had acquired the watches through her own hard work and savings. However, she later changed her story, stating that the watches were on loan from her friend, Ayacucho Governor Wilfredo Oscorima. This inconsistency further fueled public skepticism and anger. The public prosecutor’s office opened an investigation into suspicions of illicit enrichment and omission of declaration of assets, marking a serious allegation against Boluarte.

On April 5, 2024, prosecutors and police raided Boluarte’s residence. While they didn’t find the Rolexes, they seized two other luxury watches. The raid was unprecedented, marking the first time in Peru’s history that police forcibly entered the home of a sitting president. This dramatic event underscored the severity of the accusations and the lengths to which authorities are willing to go to investigate them.

The scandal has significantly impacted Boluarte’s already low approval rating. Her unfavorable opinion rating has been over 80% since she took office in December 2022. The Rolex scandal has caused more reputational harm, contributing an additional 10% to her disapproval rating, than other serious issues during her presidency. This decline reflects the public’s growing disillusionment and anger towards her administration. Many Peruvians feel betrayed by the promises of reform and integrity that were made following the coup, only to see the same patterns of corruption and elitism continue.

The controversy has led to political instability, with lawmakers from Boluarte’s former party signing a petition to remove her from office for “permanent moral incapacity”. However, analysts believe she may survive due to support from right-wing political blocs. This political maneuvering highlights the complexities of Peruvian politics and the fragile nature of Boluarte’s hold on power.

The scandal goes beyond just watches. Prosecutors are also investigating a $56,000 Cartier bracelet and nearly $300,000 in bank deposits made while Boluarte served as president of a cultural organization. These additional allegations suggest a broader pattern of financial misconduct and corruption, further eroding public trust in her leadership.

“Rolexgate” has put Boluarte’s presidency at risk and further eroded public trust in Peru’s political institutions. It highlights ongoing issues of corruption and transparency in Peruvian politics, potentially influencing future elections and the country’s political landscape. The international community, particularly Canada, which played a role in backing Boluarte’s rise to power, has also come under scrutiny for its involvement in the political dynamics of Peru. Critics argue that foreign interventions and support for certain political factions have contributed to the instability and corruption in Peru, prioritizing geopolitical and economic interests over the well-being of the local population.