Banking - Chile

US court to hear Corfo case

US court to hear Corfo case

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The civil courts in Miami were due to hear Thursday the legal case presented by Chilean state agency Corfo against an executive of US' Pine Bank as part of the agency's latest push to recover stolen funds in the Inverlink case, Chilean daily La Segunda reported.

As part of the legal proceedings, Pine Bank executive Alberto Colon will be questioned by Corfo's legal representatives from US law firm Greenberg Traurig regarding operations totaling US$15mn undertaken between the US bank and the intervened Inverlink group.

Corfo is also taking the legal steps to ensure the full disclosure of current accounts, fund transfers, deposits and other financial transactions undertaken by Inverlink's former chief executive Enzo Bertinelli and other directors of the disgraced group including chairman Eduardo Monasterio, Ignacio Wulf and Francisco Edwards.

Corfo has also pushed the US courts for the legal right to question executives from two other banks, Banco de Chile in New York and Bank of New York, with respect to their dealings with Inverlink.

Inverlink was intervened earlier this year and its owners imprisoned, accused of a US$90mn theft from Corfo and fraud against the central bank. Corfo has also hired US fraud specialist Kroll to help its search for part of the stolen US$90mn it believes was stashed in the US.

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