Newsroom & Opinion

CorpBanca’s and Saieh’s Forced Delinquent Disclosures Remain Incomplete and Raise Troubling New Questions for Minority Investors, Cartica Charges

June 2, 2014
Press Releases

Calls on Saieh, CorpBanca directors and Itau to Stop Deceptive Practices and Restructure Transaction to Treat All Shareholders Equally

Washington, D.C., June 2, 2014 – Cartica Capital today made the following statement:

“Last Friday, CorpBanca issued a press release trumpeting its ‘commitment to transparency’ concerning its transaction with Itau, and triumphantly proclaiming that it ‘has gone to great lengths to disclose all material information regarding the proposed merger to shareholders.’ These statements are disingenuous and inaccurate. The same management team told Cartica four months ago that they were not even planning to disclose to investors the transaction documents with Itau.

“In fact, these latest incomplete disclosures by CorpBanca and its largest shareholder Alvaro Saieh only come as a result of pressure exerted by minority shareholders and a lawsuit filed by Cartica in New York, which exposed the fraudulent scheme Saieh and CorpBanca concocted over the last year – a scheme that is causing incalculable harm to CorpBanca shareholders…”

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