2023-05-27 00:31:00
The prosecution Metropolitan Center North submitted a request for formalize the businessman Gabriel Ruiz-Tagle, former Minister of Sport and former president of Blanco y Negro, for the alleged use of privileged information to sell 1.3 million shares of the concessionaire that manages the Colo Colo club.
The action was filed by the High Complexity prosecutor, Jaime Retamal, before the Seventh Guarantee Court of Santiago and the court set a hearing for next August 16in order to communicate the charges to the former Secretary of State of Sebastián Piñera.
The facts under investigation date back to November 2019, when the Commission for the Financial Market (CMF) decided to sanction the ex-authority, after self-report. After said self-denouncement, he was punished with a fine of 7,500 UF -about 220 million pesos at today’s prices- for violating the duty of abstention.
Specifically, it did not respect the prohibition to buy or sell, for itself or third parties, directly or indirectly, securities on the Stock Market about which privileged information is held.
Originally, the punishment contemplated the disbursement of 15,000 UF, about $450 million. However, given the collaboration of the former Secretary of State in the administrative investigation, the entity chaired by Joaquín Cortez applied a 50 percent discount.
The chain of events, as verified by the CMF’s administrative investigation, developed as follows: On April 17, 2018 Ruiz-Tagle was elected as Chairman of the Board of Blanco y Negro SAthe company that manages the assets of the Social and Sports Corporation Colo Colo.
At the same time, according to the CMF, the businessman served as the “majority owner” of the company Inversiones III, whose general manager and legal representative is Felipe Barahona Undurraga.
The latter was a key man, since he was the one who was authorized to give “orders” for the company in Larraín Vial.
Under this scenario, a new ordinary session of the concessionaire’s board of directors was held on May 28, an instance in which the club’s financial statements as of March 31, 2018 were approved.
The Prosecutor’s Office will formalize the former Sports Minister of Sebastián Piñera, Gabriel Ruiz Tagle, for using privileged information. Ruiz Tagle was fined for the @cmfchile_ for this case and was also involved in tissue paper collusion. @ContigoCHV pic.twitter.com/7hMMpm53cC
— Sergio Jara Roman (@jarismo) May 26, 2023
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