“We will send to the SEC in the US, documents that could implicate Chilean President Piñera”
Senator Alejandro Navarro Brain, announced that he will hand over to the U.S. Securities and Exchange Commission, all the documents that could implicate Chile´s President, Sebastian Piñera, in the purchase of LATAM stocks using inside information.
“In our country economic crimes prescribe; however, in the US if someone is found guilty, they will pay with prison time”, said Chilean Senator Alejandro Navarro, regarding the investigation that the United States SVS, is carrying to find out if the southamerican nation´s president, Sebastian Piñera, used privileged information in order to buy stocks from one of the biggest airlines in the continent, LATAM (formerly known as LAN).
Navarro added that “on July 24th 2006, Sebastian Piñera, minutes after attending LAN´s board of directors meeting, ordered to buy stocks from the company for US$18 millions; that day, the stock´s price was $3.280 Chilean, since the following day was bank holiday, the stock´s price went up to $3.520 on the 26th”.
“Because of that purchase, the Chilean Securities and Exchange Commission (then SVS; CMF nowadays), fined Sebastian Piñera with approximately US$500.000”, he added.
“However”, he continued, “Francisco Armanet, former executive at the company that Piñera used to buy the stocks, Banchile, said that he has in his private vault, the recordings of the conversations that would implicate Piñera in the purchase of LAN stocks using inside information”.
According to Navarro, “all of this was reported to the U.S. SEC at the end of last year, having the lawsuit the N.º TCR1508345790497”.
“There is also a book, ‘Piñera y los leones de Sanhattan’ in Spanish, that reveals important information regarding this case; at the same time, the Argentinian justice is also investigating, since LAN admitted paying bribes to be allowed to fly in that country”, he said.
Senator Navarro concluded saying that, “we will hand over to the SVS, all the information that could implicate Sebastian Piñera in these economic crimes; because nobody is above the law, and the American authorities will make sure of that if he is found guilty”.
Press and Communications Office