#CuraumaCase / What is the Origin of the Legal Dispute in the #CuraumaCase (Chapter II)?
Chapter II (see Chapter I)
What is the Origin of the Legal Dispute in the #CuraumaCase (Chapter II)?
On January 7, 2013, Chilean lawyer residing in Spain, César Millán Nicolet, who would later take on the role of trustee in the bankruptcy of Curauma S.A., traveled to the seaside resort of Punta del Este, Uruguay. He was accompanied by his friend Nicholas Davis Lecaros, president of Euroamérica Seguros de Vida S.A., along with their wives and a few other friends.
The trip was supposedly for relaxation and leisure, but it would later be linked to a scheme to seize the valuable lands of Curauma S.A. The group traveled aboard a private jet belonging to Aerobenic S.A., a company owned by Nicholas Davis Lecaros and Euroamérica Seguros de Vida S.A., which at the time raised no suspicion. They returned to Santiago on January 11, 2013, on a commercial flight from Uruguay.
Just three months later, in April 2013, trouble began.
Curauma S.A. filed for a Preventive Judicial Agreement to reorganize its finances. The plan involved selling some of its land and securing a 50 million USD investment, a significant sum that could change the company’s outlook.
The agreement had a clear goal: to recover the land financed by Euroamérica Seguros de Vida S.A., which would rise in value once the new Master Plan for Greater Valparaíso (Premval) was approved in October of that year. These lands, valued at 500 million USD in 2011, were vital both for the company and the region.
Curauma S.A. submitted the agreement to the Valparaíso courts, under the appropriate jurisdiction. The lawyer assigned to make key decisions in the case was Diego Munita Claro (who would later be appointed as one of twelve external lawyers selected to join the Supreme Court for the 2021-2023 term).
The General Treasury of the Republic, as the main creditor, had to approve the agreement, creating a tense atmosphere at every meeting. Negotiations were difficult, agreements seemed unreachable, and there was even talk of possible complaints against Judge Munita Claro for allegedly favoring one side.
A critical hearing was scheduled for November 7, 2013, where the creditors would decide Curauma S.A.'s fate. However, the General Treasury’s representative, attorney Víctor Vidal Gana, did not attend, which prevented the quorum needed to approve the agreement. This led to the rejection of the deal and unleashed chaos.
A few months earlier, on August 6, 2013, something unexpected happened:
A Simulated Sale?
Euroamérica Seguros de Vida S.A. "sold" the lands of Curauma S.A. (6,200 acres in the highlands of Valparaíso) to one of its subsidiaries, Administraciones y Proyectos Euroamérica S.A. (Chile Tax ID 96.720.840-K), a small company classified as a micro-enterprise with no employees and minimal capital. This transaction raised suspicions, as it was unclear why such a small company would be interested in such valuable land. To some, this was just the tip of the iceberg of a much more complex scheme.
It’s worth noting that the value set for the sale of the land represented around 40% of Euroamérica Seguros de Vida S.A.’s assets. Therefore, any legal actions Curauma S.A. had announced could affect the availability of these lands, which would significantly impact Euroamérica Seguros de Vida S.A.'s financial standing.
What no one knew at the time was that the key players were just starting to make their moves...
The trip was supposedly for relaxation and leisure, but it would later be linked to a scheme to seize the valuable lands of Curauma S.A. The group traveled aboard a private jet belonging to Aerobenic S.A., a company owned by Nicholas Davis Lecaros and Euroamérica Seguros de Vida S.A., which at the time raised no suspicion. They returned to Santiago on January 11, 2013, on a commercial flight from Uruguay.
Just three months later, in April 2013, trouble began.
Curauma S.A. filed for a Preventive Judicial Agreement to reorganize its finances. The plan involved selling some of its land and securing a 50 million USD investment, a significant sum that could change the company’s outlook.
The agreement had a clear goal: to recover the land financed by Euroamérica Seguros de Vida S.A., which would rise in value once the new Master Plan for Greater Valparaíso (Premval) was approved in October of that year. These lands, valued at 500 million USD in 2011, were vital both for the company and the region.
Curauma S.A. submitted the agreement to the Valparaíso courts, under the appropriate jurisdiction. The lawyer assigned to make key decisions in the case was Diego Munita Claro (who would later be appointed as one of twelve external lawyers selected to join the Supreme Court for the 2021-2023 term).
The General Treasury of the Republic, as the main creditor, had to approve the agreement, creating a tense atmosphere at every meeting. Negotiations were difficult, agreements seemed unreachable, and there was even talk of possible complaints against Judge Munita Claro for allegedly favoring one side.
A critical hearing was scheduled for November 7, 2013, where the creditors would decide Curauma S.A.'s fate. However, the General Treasury’s representative, attorney Víctor Vidal Gana, did not attend, which prevented the quorum needed to approve the agreement. This led to the rejection of the deal and unleashed chaos.
A few months earlier, on August 6, 2013, something unexpected happened:
A Simulated Sale?
Euroamérica Seguros de Vida S.A. "sold" the lands of Curauma S.A. (6,200 acres in the highlands of Valparaíso) to one of its subsidiaries, Administraciones y Proyectos Euroamérica S.A. (Chile Tax ID 96.720.840-K), a small company classified as a micro-enterprise with no employees and minimal capital. This transaction raised suspicions, as it was unclear why such a small company would be interested in such valuable land. To some, this was just the tip of the iceberg of a much more complex scheme.
It’s worth noting that the value set for the sale of the land represented around 40% of Euroamérica Seguros de Vida S.A.’s assets. Therefore, any legal actions Curauma S.A. had announced could affect the availability of these lands, which would significantly impact Euroamérica Seguros de Vida S.A.'s financial standing.
What no one knew at the time was that the key players were just starting to make their moves...