#CuraumaCase #CasoCurauma

What would Ms. Fraser say about the Curauma Case? Chile, Dec 2024 - Ms. Jane Fraser, the CEO of Citigroup, may face a complex moral and strategic dilemma involving the global bank’s long-standing partnership with Banco de Chile. Allegations of misconduct by Banco de Chile, Citigroup’s key partner in Latin America, have resurfaced in connection with the controversial Curauma Case—a legal battle that allegedly manipulated Chile’s judicial system to facilitate the seizure of high-value corporate assets. While the case dates back to 2013, its implications continue to pose ethical, reputational, and potentially legal risks for Citigroup, testing the strength of its governance and its commitment to integrity. The Curauma Case revolves around the financial collapse of Curauma S.A., a Chilean real estate company with assets valued at over $500 million, based on a questionable debt claim of only $80,000 (yes, just eighty thousand dollars!). Allegations suggest that the judicial system was...

CURAUMA, THE NEW CITY (CHILE) Curauma is a city project conceived in the 1970s. However, its actual development began in 1996, marking a significant national precedent in terms of private urban megaprojects. The land where this project is located was once part of the “Forestal Valparaíso” estate, situated in the Valparaíso Region, central Chile, within the namesake municipality. Its proximity to two major urban centers in the Central Macro Zone—9.3 miles from the Valparaíso Metropolitan Area (AMV) and approximately 46.6 miles from the Santiago Metropolitan Area (AMS)—along with its strategic location next to Route 68, provides it with strong connectivity to the key hubs shaping the region’s urban structure. The city of Curauma spans 10,625 acres, formerly part of the “Las Cenizas” and “La Luz” estates in the Valparaíso municipality, with areas of 4,942 acres and 5,683 acres, respectively. The scale of the project is substantial, covering a larger area than the city of Viña del Mar, whi...

In his iconic 2005 Stanford commencement speech, the legendary Steve Jobs spoke about the importance of connecting the dots. He explained how, only in hindsight, can we understand how seemingly unrelated events come together to form a pattern, a story. The Curauma Case, with its key players and alliances, is a prime example of how connecting the dots can reveal a web of connections that runs far deeper than it first appears. Chile, 2024 — Banco de Chile, a cornerstone of the Chilean financial system and a strategic partner of Citibank, is more than just a business ally. This partnership reflects shared compliance frameworks and a corporate culture supposedly rooted in trust and accountability. Enter Henry Comber Sigall, a former Citibank executive with two decades of experience in senior positions across multiple international branches. In October 2024, Comber was accused of orchestrating collusion in the Chilean casino industry as chairman of Enjoy, resulting in a substantial fine. Th...

Banco de Chile: Curauma Case + Caval Case Chile, December 2024 - Banco de Chile, with more than 2.6 million clients and USD 60.736 billion in assets as of March 2024, positions itself as one of the most important financial institutions in the country. Its return on equity (ROE) of 24.6% and CET1 capitalization of 13.8% highlight its financial strength, while its strategic alliance with Citibank enhances its global presence and compliance standards, ensuring regulatory adherence in both local and international markets. Listed on the Santiago, Electronic, and New York Stock Exchanges (NYSE) under the ticker symbol BCH, Banco de Chile acts as a vital bridge between local and global economies. Its partnership with Citibank not only provides access to more rigorous international compliance standards but also subjects it to oversight by regulatory bodies like the U.S. Securities and Exchange Commission (SEC), reinforcing its image as an institution committed to transparency and regulatory ac...

The Fraud in the Administrative Corporation of the Judiciary’s Algorithm: A Threat to All   Chile, 2024 - Judiciary in Chile. The narrative of an impartial and efficient algorithm ensuring the equitable distribution of judicial cases in Chile is falling apart. What is presented as a technical and neutral tool is, in reality, a perfect stage for covert manipulation, threatening fundamental pillars of the judicial system, such as equality before the law, public integrity, and citizen trust.   What is the algorithm hiding? An algorithm is nothing more than a sequence of programmed steps to solve problems or carry out specific tasks. However, the opacity with which the Chilean Judiciary and the Administrative Corporation of the Judiciary (CAPJ) manage the algorithm responsible for case distribution constitutes a proven fraud. Despite multiple requests for transparency, the responses have been fragmented, confusing, and contradictory.   The core of the problem lies i...

Curauma is a large-scale urban development project located in Valparaíso, Chile, spanning thousands of hectares. Envisioned as a modern residential and commercial hub, it represented a significant real estate venture with vast potential ( Our Story ). However, the Curauma Case unveils how this thriving enterprise was derailed by an orchestrated illegal bankruptcy. Key players, including Chilean EuroAmerica Seguros de Vida, led by Henry Comber, allegedly manipulated legal and financial systems to seize control of the project's valuable assets. Notably, Henry Comber and EuroAmerica are also implicated in the 2024 Enjoy collusion case, where major casino operators in Chile allegedly conspired to limit competition during license renewals, further highlighting a pattern of unethical corporate behavior. This combination of cases underscores the broader scope of alleged misconduct involving the same actors across different industries. The Curauma Case Chile, 2024 - The #CuraumaCase reveal...

  Fifty Shades of Comber Mr. Henry Comber, president of EuroAmerica Seguros de Vida and Casino Enjoy. Chile, November 2024 - In recent decades, Henry Comber Sigall, president of EuroAmerica Seguros de Vida S.A., has established himself as a prominent figure in Chile’s business and financial circles. However, his influence and connections have been accompanied by a veil of controversy that raises questions about his ethics and business practices. From collusion in the casino industry to alleged misappropriations and risky investments with pension funds, Comber's career has been tarnished by a series of high-profile scandals. Collusion at Enjoy Henry Comber’s name recently made headlines after the Chilean National Economic Prosecutor’s Office (FNE) filed charges against casino companies like Dreams, Enjoy, and Marina del Sol. The FNE accused these companies and five of their senior executives, including Comber in his role as chairman of Enjoy, of colluding to manipulate licensing bid...

  A Chilean Visionary's Bold Ventures Vindicated by the Digital Economy Lo Aguirre. Santiago, Chile. Oct, 2024. Santiago, Chile, October 2024 – The renowned Chilean entrepreneur Manuel Cruzat Infante has reestablished his position in the business world, marked by a strategic land sale in Lo Aguirre to Transelec. Nueva Pudahuel S.A., once known as Sociedad Minera Pudahuel, has undergone a remarkable transformation. Situated just 16 kilometers from the heart of Santiago, the company has shifted from its origins in mining to emerge as a leading innovator in Chile’s technology and energy sectors. Led by renowned Chilean entrepreneur Manuel Cruzat Infante, this evolution positions Nueva Pudahuel as a key player in sustainable development. By integrating clean energy solutions with the expanding digital economy, the company is helping to shape the future of Chile’s growth and global competitiveness. At the heart of this new direction is the Kimal Lo Aguirre project, a landmark endea...

What is the #CuraumaCase ? Chile - Since 2013, the "Curauma Case" is more than a private dispute over land plots. It involves the vision of Chilean entrepreneur Manuel Cruzat Infante, who, through his company Curauma S.A., sought to create "Curauma, the New City," the largest real estate project in central Chile since 1990. This project was planned as the natural expansion of Greater Valparaíso, strategically connecting Santiago and Valparaíso, aiming to become a hub for development in the central macro-zone. However, the case reveals a significant antagonist: Euroamerica Seguros de Vida, led by #HenryComber , a prominent figure also accused in October 2024 of orchestrating collusion in Chile’s casino industry. This financial institution, one of the country’s largest insurance companies, allegedly leveraged its influence to manipulate Curauma S.A.'s bankruptcy process, undermining Cruzat’s vision. Comber, whose business dealings have drawn scrutiny for alleged ...