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“If big companies disappear, it would be a disaster,” Cencosud controller Horst Paulmann said a few weeks ago, justifying his holding’s decision to welcome Paris and Johnson to the Employment Protection Law, suspending contracts and wages of thousands of workers. In this context, and after the arrival of the former Minister of Finance, Felipe Larraín, to its board, this Thursday the firm announced that it will distribute to its shareholders an amount that corresponds to 80% of its 2019 profits, when the law only requires distribute 30%.
This Thursday the Cencosud holding informed the Financial Market Commission (CMF) that will pay more than $ 91,360 million among its shareholders, amount that amounts approximately 80% of its profits for the year 2019, substantially more than the mandatory 30% required by law.
In the detail of the document sent to the commercial body, it is specified that this sum corresponds to a valuation of $ 32 for each share of the company.
It should be mentioned that this occurs after the arrival of the former Minister of Finance of Piñera, Felipe Larraín, to the board of the financial company, and after it decided to host its retail companies Paris and Johnson – among others – to the new “Employment Protection Law”, which allowed companies to suspend their labor relations with their workers, leaving them without remuneration in the middle of the COVID-19 pandemic, and forcing them to subsist on their unemployment savings.
“What are private companies, what are Chilean exports and imports are going to be very affected and – I tell our government – we cannot accept that these companies are going to failthat is why it is important that this help exists “, he declared Horst Paulmann, in an interview published on April 17 in the Diario Financiero, where he defended the decision of his holding company.
“If the big companies disappear it would be a disaster”, argued the Cencosud controller at that time.
However, and in view of the large distribution that Cencosud will carry out, apparently disappearing was never a possibility for this company, which also agreed that “the remuneration of the directors of the Company (…) is the sum of 330 Development Units (UF) per month“, Which would translate to around 9,467,000 pesos.
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