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Tuesday, September 8, 2026

Chile Latin America

Chile Prosecutors Seek to Reopen SQM Corruption Trial

By · September 8, 2026 · 5 min read

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CHILE · JUSTICE

Key Facts

  • What happened: Chile’s prosecutors and two state agencies want judges to void the acquittal of eight defendants in the long-running SQM case.
  • The scale: SQM stands for Sociedad Química y Minera de Chile and faced an eleven-year financing probe.
  • What it means: Prosecutors say the trial judges showed bias, prejudice and a lack of impartiality in their ruling.
  • The catch: This is not a retrial yet; Santiago’s Court of Appeals still must approve the request.
  • Who it affects: If approved, a new trial would again target former minister Pablo Longueira and Marco Enríquez-Ominami.

Chile’s prosecutors are asking a Santiago court to erase last year’s acquittals in the SQM case.

Santiago's Centro de Justicia courts complex, Chile
Santiago’s Centro de Justicia, part of the court system now handling the SQM case appeals. Photo: “Centro de Justicia, Santiago 20230312.jpg” by Carlos Figueroa Rojas, via Wikimedia Commons, CC BY-SA 4.0.
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Chilean prosecutors are fighting to reopen one of the country’s biggest corruption trials.

They want a Santiago court to cancel an acquittal that freed eight defendants last year.

The company at the center is SQM, a major Chilean lithium and mining firm.

Prosecutors say the judges who cleared the defendants showed clear bias in their reasoning.

What the SQM Case Was About

SQM is short for Sociedad Química y Minera de Chile, a top global lithium producer. Investigators accused the firm of paying Chilean politicians through years of fake invoices.

The scheme funneled money to political campaigns from across Chile’s ideological spectrum. The scandal became public around 2015 and dragged on for more than a decade.

Most people swept up in the probe never faced a courtroom trial at all. Ten defendants were already convicted before this final trial even began.

Another 132 people settled the case through plea deals instead of going to trial.

In total, more than 200 people were investigated over the financing scheme. Most cases were resolved through settlements or dropped under the statute of limitations.

SQM is one of the world’s largest lithium and iodine exporters. This financing case is separate from SQM’s ongoing disputes over lithium royalties and taxes.

Pablo Longueira once served as Chile’s economy minister and has stayed out of politics since. Marco Enríquez-Ominami ran for president three times as the case against him dragged on.

How the Trial Ended in Acquittals

Judges María Teresa Barrientos, Claudia Santos and Carolina Paredes heard the case in Santiago. They acquitted all eight remaining defendants on October 22, 2025.

The group also included Patricio Contesse, SQM’s former general manager.

The panel said the long delay had violated the defendants’ right to a timely trial. Seven defendants were cleared by a two-to-one vote among the judges.

One member of the panel dissented and voted to convict several defendants. The judges also criticized how prosecutors had built and argued their case.

Live Company IntelligenceSociedad Quimica y Minera de Chile SA ADR B — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.
S
◆ Live Company Intelligence
Sociedad Quimica y Minera de Chile
NYSE: SQMSQM-BBasic MaterialsSpecialty Chemicals7,637 employees
$21.83B
Market cap
Analyst target $85.11

Wall Street view

3.9Moderate Buy/ 5
10 Buy5 Hold1 Sell
Avg. price target $85.11  ·  +12% vs 200-day

Valuation & profitability

Market cap$21.83B
Revenue (TTM)$6.73B
P / E ratio15.7
Profit margin20.6%
Return on equity21.8%

Price & risk

52-wk low
$40.29
52-wk high
$97.29
Beta (volatility)1.02
200-day average$76.13

Revenue trend · 6y

20202025
Latest $4.57B

Ownership

Institutions33.5%
Shares outstanding143M
Top holderBaillie Gifford & Co Limited.
Institutional holders5+ funds

Dividend

Yield7.5%
Payout ratio32.9%
Fwd. annual$5.74
What Sociedad Quimica y Minera de Chile does. Sociedad Química y Minera de Chile S.A. produces and sells specialty plant nutrients, and iodine and its derivatives in Chile, Latin America, the Caribbean, Europe, North America, Asia, and internationally. It offers potassium nitrate, sodium nitrate, specialty blends, and other specialty fertilizers under the Ultrasol, Qrop, Speedfol, Allganic, Ultrasoline, Prop, and Prohydric…
Data: RT fundamentals (SQM.US) · figures in USD · as of 8 Sep 2026More company intelligence →

Why Prosecutors Call the Verdict Biased

The court released its 4,356-page ruling on August 5. That notification started a 30-day window for prosecutors to appeal.

Three separate government bodies challenged the ruling within days of each other. Prosecutors, the State Defense Council and the national tax agency each filed a nullity appeal.

Chile calls this kind of challenge a recurso de nulidad, or nullity appeal. It can only succeed if judges made serious legal errors, not just factual disagreements.

Prosecutors accuse the three judges of bias, prejudice and a lack of impartiality. They say parts of the ruling are contradictory and go beyond logic.

Chile’s tax agency made a similar argument in its own separate appeal. It said the judges described evidence without ever properly weighing it.

The State Defense Council made a narrower argument, focused only on two defendants. It argued judges gave too much weight to delay and too little to the evidence.

Judges also faced criticism for how they handled digital evidence, including old emails. Prosecutors say some evidence was dismissed before it was properly examined.

Contesse’s lawyer Samuel Donoso called the new appeal political persecution. Other defense lawyers say the appeals lack merit and expect the courts to reject them.

What Happens Next

The Santiago Court of Appeals will now decide whether to annul the trial. A full annulment could send the case back for an entirely new trial.

Prosecutors want a full retrial for seven of the eight defendants. The State Defense Council is targeting only Longueira and Contesse for a partial annulment.

No hearing date has been set yet. The court could still reject every appeal and leave the acquittals standing.

The case has long been seen as a test of accountability for Chile’s political class. Whatever the Court of Appeals decides, it will shape how that story ends.

Frequently Asked Questions

What is the SQM case?

It is a decade-long Chilean investigation into SQM, a mining and lithium company that funneled money to political campaigns using fake invoices.

Who was acquitted, and when?

Chile’s Third Oral Criminal Court in Santiago acquitted eight defendants on October 22, 2025. They include former minister Pablo Longueira and former candidate Marco Enríquez-Ominami.

What is a nullity appeal in Chile’s courts?

In Chile, a nullity appeal is called a recurso de nulidad and asks courts to void a trial. Judges can only grant it if they find serious legal errors in the process.

What happens if the appeals succeed?

If the Court of Appeals grants the request, the case could return for a new trial. If the appeals are rejected, the October 2025 acquittals will become final.

Sources: La Tercera, El Mostrador, BioBioChile, Emol, CIPER Chile.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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