Inverlink was one of the most aggressive financial groups in Chile at the beginning of the 2000s. The group was engaged in pension fund administration, general insurance, private health care insurance, mutual funds and stocks, and leasing. Inverlink's firms included Inverlink Corredores de Bolsa, Inverlink Administradora General de Fondos, Inverlink Leasefactors, Inverlink Hipotecaria, Inverlink Consultores, Inverlink Asset Management and Inverlink USA. The holding also owns 75.5% of private pension fund manager AFP Magister and owns healthcare insurer Vida Plena.
2003 Pamela Andrada, the secretary of
Central Bank of Chile
The Central Bank of Chile ( es, Banco Central de Chile) is the central bank of Chile. It was established in 1925 and is incorporated into the current Chilean Constitution as an autonomous institution of constitutional rank. Its monetary policy is ...
chairman
Carlos Massad, was sacked and put under investigation after she was surprised sending e-mails containing confidential insider information from Massad's computer to Inverlink's ex-
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
Enzo Bertinelli.
During the probe was discovered that Inverlink had also been bribing an employee at
CORFO, the state economic-development agency, to "lend" it certificates of deposit as collateral for short-term operations in which it cashed in on its inside information. To raise funds to cover withdrawals, it began selling these certificates. Over
US$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
100,000,000 were sold to mutual funds and other local institutions before Corfo discovered the theft.
The Inverlink scandal rocked the local financial establishment last year and led to the resignations of central bank chairman Carlos Massad and securities regulator Alvaro Clarke.
In 2013 the
Supreme Court of Chile
The Supreme Court of Chile is the highest court in Chile. It also administers the lower courts in the nation. It is located in the capital Santiago.
In the Chilean system, the court lacks the broader power of judicial review—it cannot set bindin ...
determined the restitution of
CLP$500,000,000 (approximately US$850,000) from the
municipal council of
La Pintana
La Pintana is a commune of Chile located in Santiago Province, Santiago Metropolitan Region. La Pintana is home to Antumapu, the agricultural and veterinary sciences campus of University of Chile, Chile's oldest university.
Demographics
Accordin ...
to CORFO. CORFO expected to obtain CLP$50,000,000,000 from 26 similar claims.
[Article in Chilean newspaper ]La Tercera
''La Tercera'' ( es, The Third One), formerly known as ''La Tercera de la Hora'' ('the third of the hour'), is a daily newspaper published in Santiago, Chile and owned by Copesa. It is ''El Mercurio''s closest competitor.
''La Tercera'' is part o ...
br>Caso Inverlink: Corte Suprema obliga a restituir más de $500 millones a Corfo
{{Webarchive, url=https://web.archive.org/web/20160304045846/http://www.latercera.com/noticia/negocios/2013/01/655-506794-9-caso-inverlink-corte-suprema-obliga-a-restituir-mas-de-500-millones-a-corfo.shtml , date=2016-03-04 , on 31 January 2013, retrieved on 31 January 2013
References
External links
* Article i
Losing its shine The Economist on 3. April 2003
Political scandals in Chile