Chilean lawmakers launched an investigation into Sebastián Piñera’s alleged illicit businesses

By vast majority, The Chilean Chamber of Deputies approved in the last hours the creation of an investigative commission that would seek to clarify a complaint that involves the President of Chile, Sebastián Piñera. The accusation corresponds to a businessman, Gino Lorenzini, who assures that Piñera participated in an illegal triangulation that would involve a fund manager (AFP Habitat) and the President’s family.

In addition, Lorenzini questioned the role of the Superintendency of Pensions, the entity in charge of regulating the pension market, for alleged illegal transactions. The accusation comes when Piñera just approved the second early withdrawal of pension funds.

Lorenzini, who also works in the pension sector – he owns a company – accused the AFP of investing the pension funds in the market fund manager Asset Management Currency, which in turn invested in Real Estate Construction (ILC), which is controlled by Habitat, something that is expressly prohibited by law.

The complaint, in addition to involving these companies, would have operations with the Genesis company, linked to José Piñera (brother of the President) Y Volcom AGF, linked to the son, Sebastián Piñera Morel. Another question is in companies of President Piñera’s blind trust (BTG PActual, Credicorp Capital and Moneda Asset) that have shares in AFP Habitat.

The leader of the firm, who sells a subscription to access his recommendations on changes between the AFP multifunds, accuses a violation of the Article 45 bis of DL 3,500, which precisely regulates the system norm, which establishes that the resources of the pension funds may not be invested, directly or indirectly, in shares of AFPs and insurance companies, among others.

Gino Lorenzini is a commercial engineer and currently resides in England. He bases his complaint on an article of 2019 made in a local media, which warned that AFP Habitat would transfer pension savings to investment funds managed by Moneda Asset.

Until now, neither the President nor his relatives involved in the prosecution have referred to the subject, If he did the Superintendency of Pensions, which ruled out any irregularity in the audit process of AFP Habitat’s investments in Moneda Asset. “This situation was timely investigated last year, in compliance with the provisions and powers that the legislation confers upon it” (…) “After the investigation and analysis of the information collected, the Superintendency of Pensions concluded that its auditee, AFP Habitat, did not incur an infraction to the current legislation on investment ”, he concluded.

Despite the clarifications of the Superintendency, two parliamentarians asked the Chamber of Deputies, an investigation finished to elucidate the details of the accusation. Thus, the independent congressman Renato Garín and the radical militant (PR) Cosme Mellado, both from the opposition, They began collecting signatures for the formation of the Investigative Commission, which was approved by 97 votes in favor, 22 against and 24 abstentions.

Thus, the controversy will extend for the following days while the investigation lasts. The Commission will have the task of investigating possible infringements of the applicable legislation by the AFPs when carrying out their investment operations through other entities.

One of the precursors of the idea, Congressman Garín declared on his Twitter account that “the inaction of the Superintendencies should be investigated in view of the fact that Volcom, owned by Piñera Morel, receives 94 times the legal limit for AFPs to invest in such funds.

In the next few hours, the name of the parliamentarians who are members of the Investigative Commission already approved will be announced, for which their members will be randomly chosen in open session in the Chamber of Deputies.

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