Newsroom & Opinion

Cartica Comments on Continued Deceptive and Inadequate Statements from CorpBanca and Saieh, Reiterates Commitment to Legal and Regulatory Process

May 30, 2014
Press Releases

Washington, D.C. May 30, 2014 –Cartica Capital, in a statement today, said:

The facts are straightforward. CorpBanca; its board; its majority shareholder, Alvaro Saieh; and certain other parties violated U.S. securities laws, which they chose to be governed by when they listed CorpBanca’s ADRs. This is as described in Cartica’s lawsuit. They are charged in the lawsuit with, among other things, misrepresenting their intentions and hiding their scheme to enrich Saieh to the incalculable harm of other CorpBanca shareholders. Saieh and his associates furthered this scheme through deficient disclosures intended to deceive minority shareholders, the capital markets and regulators.

During the last twenty-four hours, Alvaro Saieh and his associates have released hundreds of pages of materials in a desperate attempt to cure years of inadequate disclosure to investors. These piecemeal efforts, however, only serve as an acknowledgment by Alvaro Saieh of his disregard for U.S. market regulations — with which he agreed to comply when he issued ADRs — and ultimately fail to address the numerous violations raised in our US lawsuit. His materials continue to attempt to move the spotlight away from his outrageous trampling of the rights of minority shareholders and instead focus on the benefits of having Itau run the bank instead of him. No one disputes that Itau or another major bank would be a better owner for this bank. That does not make his stealing the control premium from the minority shareholders right.

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