Chile
News

Court ruling favors pension funds

Bnamericas
A Chilean appeals court has ruled that three local pension fund managers (AFPs) can use 2.3bn pesos (US$3.57mn) worth of deposits belonging to state industry development agency Corfo, local press reported. The deposits were stolen from Corfo by now intervened local financial group Inverlink and later sold to BBVA Provida, Cuprum and Habitat. Corfo has been trying to recover the stolen funds in court but the appeals court ruled that the three AFPs had acquired the deposits in good faith.

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