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Reports: Alberto Chang scandal leads to 3 top-level resignations at Santander Chile

Three Banco SantanderChile executives resigned from their posts after admitting to havingpurchased investment instruments offered by Grupo Arcano, the Chilean private equityfirm embroiled in a fraud investigation tied to its founder, Alberto Chang-Rajii.

According to a May 6 DiarioFinanciero report, at least two of the executives were senior leaders in thebank's global banking and markets division, and all three had ranks at the managerlevel. El Mostrador reported that GonzaloJara, the head of Santander's treasury area, was one of those who resigned afterGrupo Arcano's client list surfaced.

Grupo Arcano is facing scrutiny over its legitimacy as Chang,the Chilean native who founded the firm, faces charges of alleged charges of fraud,money laundering and banking law violations. Chile's public prosecutor recentlyraided Grupo Arcano's offices as part of an investigation into Chang-Rajii, andthree of the firm's senior executives, including its chief investment officer andits investment unit's CEO, have resigned.

Chang reportedly has fled to Malta. Chilean authorities are seekinghis extradition, though Malta and Chile have no extradition treaty in place.