#CuraumaCase / An Inside Job

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. This development raises a critical question: if Comber was willing to engage in collusion in 2024, what does that say about his ethical choices in 2013? And how might these choices connect to the irregular mortgage loan tied to Euroamerica Seguros de Vida S.A., a company under his control?

In 2013, Banco de Chile approved a loan of approximately $35 million to a Euroamerica subsidiary—a company with no employees and insufficient assets. The transaction bypassed standard due diligence, such as property title reviews and appraisals, even though the properties involved were valued at $500 million—15 times the loan amount. Why would a bank known for its rigorous standards take such a risk? This is where the dots begin to connect. Comber, armed with insider knowledge of Citibank and its shared compliance framework with Banco de Chile, likely leveraged these relationships to secure terms that were highly favorable to Euroamerica, his company.

When viewed retrospectively, this loan was not an isolated mistake—it was a critical step in a larger scheme that resulted in the loss of multimillion-dollar assets for Curauma S.A. This pattern of behavior—seen in both the Curauma Case and the Enjoy collusion—suggests a consistent willingness by Comber to exploit relationships and institutional systems for personal or corporate gain.
Is this a coincidence? Or is it a clear example of how power and influence can distort financial systems to benefit a select few?

#curaumacase