Chile Comptroller to review Piñera blind trusts over possible conflict of interest

RIO DE JANEIRO, BRAZIL – Chile’s Comptroller’s Office on Thursday requested information from the local financial market regulator and private brokerages regarding the blind trusts of President Sebastian Piñera, as part of a probe into a possible conflict of interest.

The request was made after a congressional committee found that two entities that manage some of Piñera’s money have investments in the local Enjoy casino, which was favored by a decree issued in January by President Piñera, reportedly a billionaire businessman before his election.

Through a statement, the president’s office said it was in favor of the request, calling it “the best way to clarify any doubts, disprove false accusations and ratify the full and permanent compliance by the president” with current law.

Upon assuming his first government in 2010, Piñera created a series of blind trusts allowing third parties to administer his fortune while avoiding conflicts of interest.

Piñera has built an estimated fortune of US$US2.8 billion as of February 2018, according to Forbes magazine, making him one of the richest people in Chile. His wealth is greatly due to his involvement in introducing credit cards to Chile in the late 1970s and his subsequent investments, mainly in LAN Airlines stock.

Piñera acquired shares of the formerly state-owned company from Scandinavian Airlines in 1994, as part of a joint venture with the Cueto family.