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Report: Chilean appeals court orders BBVA Corredores de Bolsa to pay damages to Corfo

AChilean appeals court has ruled BBVA Corredores de Bolsa Limitada must compensateeconomic development agency Corfo for damages in the Inverlink case, Diario Financiero reported April 12.

InAugust 2015, Chile's Supreme Court's rejected an appeal by Banco Bilbao Vizcaya Argentaria Chile SA's brokerageunit against a court ruling that found it partially responsible for damages inthe Inverlink case.

Atthe time, BBVA Corredores, and a group of former Inverlink executives, wereordered to pay back Corfo around $60 million including interest and othercharges.

TheInverlink case, which rocked the Chilean financial industry in 2003, involvedexecutives at now-defunct brokerage firm Inverlink, who allegedly bribed anemployee at CORFO to provide stolen certificates of deposits, which they thenlaundered through mutual funds and other institutions.

BBVAChile is a unit of Spain's BancoBilbao Vizcaya Argentaria SA.