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Former President Eduardo Frei Ruiz-Tagle filed a lawsuit before the Court of Appeals against the Private Investment Fund SGR; AVLA SAGR; Comercial Franja Limitada, owned by the Frei Parada Family and his brother Francisco’s wife, Marta Ana María Parada Quesada.
The objective of this judicial offensive is to avoid bankruptcy, after on November 13, the guarantee and credit insurance company, AVLA SA, requested the forced liquidation of the former President in the face of the million-dollar scam that his brother Francisco denounced himself in 2019.
According to information from Third, What is sought with this action is to declare the “absolute nullity” of promissory note No. 16,558, signed by Comercial Franja Limitada and in which the former head of state appears as guarantor and joint co-debtor of the loan. Frei said he was not aware of this transaction and assured that the signature that appears on the document is false.
This debt dates back to August 24, 2017, after SGR agreed to give a loan of $ 121,231,140 to Comercial Franja Limitada, but due to a series of financial problems, the latter stopped paying, leaving an outstanding debt of $ 95,698. 421.
It was under this framework that the trading company requested the bankruptcy of Frei, an unprecedented event, since it is the first time that an individual has requested the forced liquidation of a former President.
“The contested credit title arises from an operation devised and orchestrated by Mr. Francisco Frei Ruiz-Tagle, who, taking advantage of his position as a man of confidence, and the good reputation, which, in his capacity as former president, had his brother Mr. Eduardo Frei Ruiz-Tagle before financial institutions, forged his signature and fingerprint, in order to obtain huge sums of money as a mutual “, says the letter to which La Tercera agreed.
The document also states that “Mr. Eduardo Frei Ruiz-Tagle never consented to become a guarantor and joint co-debtor of the debts contracted by his brother for himself and his companies, since he never attended to celebrate the act that originates the promissory note that the defendant intends It is all part of a fraud to sustain the great debt cycle that Francisco Frei Ruiz-Tagle maintained in his businesses. For this he contracted credits with different banks and factoring companies, in order to, in turn, pay the installments that were due from credits previously requested, and maintain cash flows “.
“In his position as his brother’s confidant, when managing his personal assets, he not only used Inversiones Saturno SA to contract loans or constitute it as a guarantor and joint co-debtor without the agreement of the shareholders’ meeting; but also involved, personally, to Mr. Eduardo Frei Ruiz-Tagle in his various frauds, falsifying the signature and fingerprint on credit titles subscribed by his company Almadena SA, or by him as a natural person, constituting him as endorsement and joint co-debtor, “he added.
The resolution indicates that the hearing will be held through videoconference on the WebEx platform due to the covid-19 pandemic, in which Judge Maritza Villadangos will officially notify Frei of the presentation of a forced liquidation lawsuit against him.
Until now, Francisco Frei, his wife Ana María Parada, Almacenes de Depósito Nacionales (Almadena) and Inversiones San Nicolás SA have been declared bankrupt.
Now, the Frei Parada family faces another problem: the onslaught of Francisco Frei’s creditors’ meeting that seeks to cancel the transfer of the department located in Hermanos Cabot to Inversiones y Asesorias AMP SpA, legally represented by Francisco Frei’s son, Nicolás Frei Parada .
On March 25, 2019, it raises doubts to the creditors, who consider that the debtor sought to damage his assets to avoid the fulfillment of his obligations.
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