#CuraumaCase / Fifty Shades of Comber
Fifty Shades of Comber
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 bids for casino operations in 2020 and 2021. In October 2024, the FNE requested historic fines totaling $151.9 million, with $115,000 specifically assigned to Comber. This scheme allegedly enabled Enjoy and other companies to restrict competition and secure their licenses at a reduced cost, revealing a modus operandi that prioritizes corporate profit over a fair and competitive market.
Comber's involvement in EuroAmerica Seguros de Vida S.A. presents an additional ethical issue. Under his leadership, EuroAmerica made investments that exposed pension funds to high-risk companies, including Enjoy. In 2022, EuroAmerica acquired a 15.25% stake in Enjoy, a company with debts exceeding twice its assets and a history of collusion fines in the United States. This decision was criticized for jeopardizing pensioners' savings in such a high-risk sector.
Betting with Pensioners’ Savings
Under Comber's leadership, EuroAmerica Seguros de Vida has been involved in controversial investments, notably its participation in the "Fondo Corneta." This fund, formally named "Capital Estructurado I," was created in January 2023 by LarrainVial Activos AGF to refinance the debts of Antonio Jalaff, a former Grupo Patio partner. The fund aimed to convert Jalaff’s debts into an indirect stake in Grupo Patio, attracting over $15 million in investments.
In a questionable move, EuroAmerica used resources from annuities—pensioners' savings—to acquire shares in the fund at a 50% discount, valuing Grupo Patio at $240 million instead of its initial valuation of $540 million. These annuities, which should ensure secure income for retirees, were exposed to elevated risk in this speculative fund. However, the fund failed to achieve expected returns and saw an 87% drop in value, with shares falling from $35.50 per unit in March 2023 to $4.50 in September 2024.
The situation worsened with the revelation of a false invoice scandal linked to the fund, known as the "Factop Case." The brothers Ariel and Daniel Sauer, owners of the factoring company Factop, were accused of issuing thousands of fake invoices. The Public Prosecutor’s Office is currently investigating whether LarrainVial was aware of these irregularities and if there is any criminal liability.
The Curauma Heist (see Our Story)
The "Curauma Case" is another highly controversial episode involving Henry Comber, his partner Nicholas Davis Lecaros, and EuroAmerica Seguros de Vida S.A. In 2013, Curauma S.A., a real estate company with assets valued at approximately $500 million, was declared bankrupt due to a debt of around $90,000—a negligible amount compared to the value of its assets. The bankruptcy filing took place in Santiago, even though the company’s legal domicile was in Valparaíso, violating current regulations. To secure this outcome, the case distribution algorithm in the judicial system was allegedly manipulated, allowing the case to be assigned to the 2nd Civil Court of Santiago, a court that favored EuroAmerica.
Under Comber's direction, EuroAmerica appropriated Curauma's assets through financial operations that included interest rates above the Maximum Conventional Rate, leveraging this strategically assigned judicial position. These actions allegedly allowed EuroAmerica to acquire valuable land at prices significantly below market value, severely affecting approximately 1,600 minority shareholders and other creditors. This constitutes a clear case of unjust and illicit enrichment, as the collateral—the land valued far above the debt—became a source of disproportionate benefits for EuroAmerica and its controllers, at the expense of creditor rights.
Ongoing legal complaints indicate that EuroAmerica transferred Curauma’s land to a related company, Administraciones y Proyectos EuroAmerica S.A., classified as a "Mini SME" with minimal capital and no personnel. This operation was allegedly carried out to prevent the properties from being subject to precautionary measures during the legal process.
Furthermore, EuroAmerica is accused of suing Curauma S.A. in an arbitration, seeking damages for lost profits and emerging damages of approximately $40 million. This amount was verified during Curauma's bankruptcy, allowing EuroAmerica to participate in creditors' meetings with voting rights and solidify its control over the company’s assets.
The “Club” of Privileged Connections
Comber's connections and privileged contacts appear to be the foundation of his success but also the source of the numerous scandals surrounding his career. The purchase of assets and investment decisions at EuroAmerica reflect a business policy that, far from safeguarding retirees' savings, benefits a select few at the expense of the many. Comber’s practices illustrate a pattern in which profits are concentrated among a narrow circle, while the risks fall on the most vulnerable: pension fund affiliates.
Rather than operating as an economic agent within a regulated and monitored market, Henry Comber seems to have devised a scheme where laws are manipulated, connections are exploited, and the lines between ethical and illegal behavior are blurred.
In light of these facts, a critical question arises: does the Chilean regulatory and judicial system have the power to curb and penalize figures like Comber, whose actions continuously challenge market norms in favor of his own interests and those within his circle?
#curaumacase
