Corfo And Santander Chile Settle Dispute

Chile’s government development agency, Corfo, and the country’s largest bank, Banco Santander Santiago, have come to an agreement which settles their dispute relating to the “Inverlink case” – a financial scandal that broke back in 2003. Under the agreement, the bank agrees to pay Corfo $1.82 million and the agency drops a law suit against the bank. The two parties announced they had both been “victims of the malicious actions of third parties”, referring to individuals at financial intermediary Inverlink who stole financial documentation from Corfo and used some as payment to Santander. The scandal led to the resignation of the Corfo executive vicepresident, Central Bank president and SVS superintendent, as well as to the arrest and trial of Inverlink senior management.