The Commission for the Financial Market (CMF) applied sanctions against the directors of Quiñenco SA Andrónico Luksic, Nicolás Luksic and Jean Paul Luksic for violation of the prohibition on trading securities of an issuer in the 30 days prior to the disclosure of its financial statements.
According to resolutions No. 9907, No. 9906 and No. 9905, the financial statements of Quiñenco SA as of June 30, 2022, were published on September 9, 2022 and despite the fact that those sanctioned served as directors of the company, sold and subsequently acquired 2,619,260 shares of Quiñenco SA, for an amount of $6,228,600,280.
They did the above on August 29 of that same year, indirectly, through the companies Inversiones Orengo SA and Ruana Copper AG Agencia Chile.
Although the operation was part of a process aimed at simplifying the structure through which control of Quiñenco SA was exercised, Those sanctioned were also subject to the prohibition of carrying out such transactions during the blocking period established by the aforementioned regulations.
For that reason, A fine of UF 1,250, equivalent to approximately 47 million 460 thousand pesos, was applied to each one for violation of the fifth paragraph of article 16 of Law 18,045.
“The prohibition indicated in the law seeks to reduce the risk that certain agents, due to their position within securities issuers, operate with information advantage,” commented the CMF.
In this context, he recalled that article 16, paragraph 5 of Securities Market Law No. 18,045 prohibits the directors, managers, administrators and main executives of a securities issuer from carrying out transactions on the securities issued by the respective issuer, within 30 days prior to the disclosure of its financial statements.
The above is also applicable to their spouses, cohabitants and relatives up to the second degree of consanguinity or affinity.
2024-10-29 21:43:00