LarrainVial Executives Cleared in Factop Case Investigation
Andrés Trivelli, CEO of LarrainVial, announced to company employees via internal communication on Tuesday that the investigation into executives involved in the Factop case has been definitively closed. The Supreme Court confirmed in October 2025 the alternative resolution approved by the 4th Guarantee Court of Santiago on June 18 of that year. Trivelli stated that on July 13, the 4th Guarantee Court of Santiago certified the final dismissal of eight LarrainVial members investigated in the criminal aspect of the Structured Capital Fund I case, which concluded on June 25, "bringing an end to said process." The executives cleared are Andrea Larraín, Andrés Bulnes, Claudio Yañez, Felipe Porzio, Jaime Oliveira, José Correa, Manuel Bulnes, and Sebastián Cereceda. Trivelli emphasized the company's commitment to high corporate governance standards during this "unjust and complex" period, asserting their dedication to the fund's best interests and compensating affected clients. He acknowledged the difficult period for the company and the eight team members, praising their strength and professionalism. This case stems from August 2025 when the CMF fined LarrainVial's Structured Capital Investment Fund I a total of UF 160,000 (approximately $4.65 billion CLP) in the Factop case. The fines were related to the valuation of fund assets as equity participation in Grupo Patio, when they were actually impaired credits against Inversiones San Antonio, owned by Antonio Jalaff.
The closure of the Factop case investigation against LarrainVial executives signifies a resolution to a complex financial matter involving asset valuation and regulatory compliance. The internal communication from CEO Andrés Trivelli highlights the company's perspective on upholding governance standards and supporting its employees through the process. From a systemic viewpoint, such cases underscore the critical importance of transparent and accurate asset valuation within investment funds, particularly when dealing with distressed credit versus equity stakes. The regulatory fines imposed by the CMF indicate a broader concern regarding potential misrepresentation of fund assets, impacting investor confidence and market integrity. Moving forward, the financial sector will likely continue to refine oversight mechanisms to prevent similar valuation discrepancies and ensure robust investor protection, especially as market dynamics evolve with technological advancements and new investment instruments.
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