Peru president refuses to resign amid raging probe into Rolex controversy

Peru's President Dina Boluarte has been accused of amassing $500,000 in jewellery on an approximately $50,000 salary. Boluarte, a former civil servant who became the South American country's first female president, has a monthly salary of close to $42,000 and for the months that she has been in power, it does not add up beyond $50,000.

Highlights of the wealth she has amassed during her timein power include a $50,000 Cartier bracelet and a $19,000 Rolex watch.

According to the popular news podcast La Encerrona, an analysis of President Boluarte's Flickr account shows how the Peruvian leader has been sportingexpensive jewellery items.

The reportage by La Encerrona has prompted the prosecutors to launch an investigation for "illicit enrichment".

On Friday (March 29), some 20 representatives of the public prosecutor’s office and 20 police officers invaded Boluarte’s home.On Saturday morning, they raided the presidential palace.

What does it mean?

Boluarte is the eighth Peruvian president to come under serious investigation. Every leader of the Andean nation since 1985 has been subjected to at least one criminal probe.

What next?

Prosecutors will now determine if Boluarte bought the jewellery herself or received it asgift.

What has Boluarte said?

Boluarte claimed that she bought the Rolex before being elected to power.

In a television address, she said that she would explain herself to the investigators. She did not attend a scheduled meeting with the investigators.

"I took office with clean hands and thus I will retire from the presidency in 2026," she said at a press conference, calling the raids a "disproportionate" measure and "abusive".

"Personnel from the palace provided all the facilities for the diligence requested," the presidency said on social media platform X, adding that it was carried out "normally and without any incident."

(With inputs from agencies)