#CasoCurauma / ¿Cuál es el origen del conflicto legal del #CasoCurauma?
¿Cuál es el origen del conflicto legal del Caso Curauma?
En 2004, Euroamerica Seguros de Vida S.A. y Empresas CB, ligada al empresario Manuel Cruzat Infante, firma un acuerdo de financiamiento por 715.000 Unidades de Fomento (UF).Este acuerdo, estructurado bajo la forma de leasing y venta con opción de recompra, tenía como objetivo la adquisición de terrenos en el alto Valparaíso, destinados al desarrollo de los proyectos Curauma y Las Cenizas (2.500 hectáreas).
Pago del financiamiento:
Entre 2004 y 2013, Empresas CB paga a Euroamerica Seguros de Vida S.A. un total de 1.040.775 UF, lo que representa un rendimiento anual compuesto de UF + 7,36%. Adicionalmente, para recuperar los terrenos, Empresas CB debía abonar 907.081 UF antes del 31 de agosto de 2013, lo que elevaría el rendimiento a UF + 21,43% anual.
Entre 2004 y 2013, Empresas CB paga a Euroamerica Seguros de Vida S.A. un total de 1.040.775 UF, lo que representa un rendimiento anual compuesto de UF + 7,36%. Adicionalmente, para recuperar los terrenos, Empresas CB debía abonar 907.081 UF antes del 31 de agosto de 2013, lo que elevaría el rendimiento a UF + 21,43% anual.
El conflicto:
En agosto de 2013, Curauma S.A. presentó una demanda para la restitución de los terrenos, alegando que ya habían sido pagados en su totalidad. Días antes de esta demanda, Euroamerica Seguros de Vida S.A. "vendió" los terrenos a Administraciones y Proyectos Euroamerica S.A., una sociedad relacionada.
CasoCurauma
En agosto de 2013, Curauma S.A. presentó una demanda para la restitución de los terrenos, alegando que ya habían sido pagados en su totalidad. Días antes de esta demanda, Euroamerica Seguros de Vida S.A. "vendió" los terrenos a Administraciones y Proyectos Euroamerica S.A., una sociedad relacionada.
CasoCurauma
What is the Origin of the Legal Dispute in the CuraumaCase?
In 2004, a Chilean Insurance and lender company, Euroamerica Seguros de Vida S.A., and Empresas CB (CB) and its real estate branch Curauma S.A., led by Chilean Entrepreneur Manuel Cruzat Infante, entered into a financing agreement for approximately $25 million USD (715,000 Unidades de Fomento (UF), an inflation-indexed unit of account used in Chile).
This agreement, structured as a lease with a repurchase option, aimed to acquire land in the upper Valparaíso area in center Chile, for the development of the Curauma and Las Cenizas projects.
Payments and Returns
Between 2004 and 2013, CB paid a total of $36 million USD (1,040,775 UF) to Euroamerica Seguros de Vida S.A., representing an annual compounded return of UF + 7.36%.
Additionally, to regain ownership of the land, CB was required to pay an extra $31 million USD (907,081 UF) by August 31, 2013, which would have increased the return to UF + 21.43% annually.
The Dispute
In August 2013, Curauma S.A. filed a lawsuit demanding the return of the land, claiming it had been fully paid for. Just days before this legal action, Euroamerica Seguros de Vida S.A. "sold" the land to Administraciones y Proyectos Euroamerica S.A. (APE), a related company.
This lawsuit significantly impacted the collateral for a loan that Banco de Chile had granted to APE, leading to financial complications. Furthermore, there was a considerable difference between the appraised value and the sale price between these related parties, which could have tax implications with the Chilean Internal Revenue Service (Servicio de Impuestos Internos -SII).
CasoCurauma CuraumaCase
Note: The Unidad de Fomento (UF) is an inflation-adjusted unit of account used in Chile for large financial transactions, such as real estate and loans. Its value is updated daily according to the Consumer Price Index (CPI) to maintain purchasing power. As of September 19, 2024, 1 UF is equivalent to $40,71 USD.
In 2004, a Chilean Insurance and lender company, Euroamerica Seguros de Vida S.A., and Empresas CB (CB) and its real estate branch Curauma S.A., led by Chilean Entrepreneur Manuel Cruzat Infante, entered into a financing agreement for approximately $25 million USD (715,000 Unidades de Fomento (UF), an inflation-indexed unit of account used in Chile).
This agreement, structured as a lease with a repurchase option, aimed to acquire land in the upper Valparaíso area in center Chile, for the development of the Curauma and Las Cenizas projects.
Payments and Returns
Between 2004 and 2013, CB paid a total of $36 million USD (1,040,775 UF) to Euroamerica Seguros de Vida S.A., representing an annual compounded return of UF + 7.36%.
Additionally, to regain ownership of the land, CB was required to pay an extra $31 million USD (907,081 UF) by August 31, 2013, which would have increased the return to UF + 21.43% annually.
The Dispute
In August 2013, Curauma S.A. filed a lawsuit demanding the return of the land, claiming it had been fully paid for. Just days before this legal action, Euroamerica Seguros de Vida S.A. "sold" the land to Administraciones y Proyectos Euroamerica S.A. (APE), a related company.
This lawsuit significantly impacted the collateral for a loan that Banco de Chile had granted to APE, leading to financial complications. Furthermore, there was a considerable difference between the appraised value and the sale price between these related parties, which could have tax implications with the Chilean Internal Revenue Service (Servicio de Impuestos Internos -SII).
CasoCurauma CuraumaCase
Note: The Unidad de Fomento (UF) is an inflation-adjusted unit of account used in Chile for large financial transactions, such as real estate and loans. Its value is updated daily according to the Consumer Price Index (CPI) to maintain purchasing power. As of September 19, 2024, 1 UF is equivalent to $40,71 USD.