Sunday , November 29 2020

CMF intervenes in a conflict between the partners of the Continental insurer

on Financial Market Commission (CMF) Last Monday he was the official representative of Continental General Insurance Company for the conflict that separates his partners. This as a result of the complaint presented by the Director Enrique Araos Cott against the director Alfredo Söuwing and the Director-General Andres Mendieta at Santiago's Fourth Guaranty Court.

The service, signed by the Insurance Supervisory Authority, Daniel García, instructs the insurer to provide additional information that clarifies the criminal action. It also requested CMF to provide the information that supports the consultancy services provided to the company by the Asesorías y Servicios Assistencia Integral Limitada related to Mendieta and his wife in 2018 and any other information proving the advice given.

The aforementioned after Araos condemned that the firm would provide consultations without the approval of the board of directors. The manager accuses the company of receiving $ 84,000,000 from Continental Credit Insurance Company in 2018 and $ 42,000,000 from Continental General Insurance Company as technical consultants. He also explained that the funds found in the Treasury had reached $ 500 million, according to the balance sheets in 2018.

On the other hand, the regulator requested to receive a copy of the minutes in which it was approved and formalized by the Board of Directors of Inversiones Credere S.A. an increase in the capital of the company and any subsequent agreements in connection with the capital increase and the payment of shares. In addition, "the current involvement of the Company and how it will affect the final control of the Continental General Insurance Company should be informed," the report said.

The action of CMF comes in response to the recently published publication Third Hour in which the complaint was extended to the Director General of the insurer.

False invoices

According to Araos' defense, Article 33 of Law 18,046 establishes that a company may only celebrate actions with a director when these operations are known and approved in advance by the board of directors. Article 50, for its part, states that the previous provision will also apply to the managers of the company. "Mr Andres Mendieta is the general manager of the two insurers," he said.

"Accounts that are issued at the expense of the technical advice they have never held, so you can qualify without fear of error like accounts that take into account non-existent services," he said, the same letter introduced last Tuesday 4 Santiago Guaranty Court.

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