The businessman Jorge Said Yarur It was fined by the Commission for the Financial Market (CMF) with almost $ 8 million (UF 200) for selling Arauco Parque shares in a period in which he had a prohibition of doing so.
In detail, the sanction was because it infringed article 16 -Inco 5 ° – of Law No. 18,045 of Securities Market.
Said regulations, the CMF explained in a statement, prohibits directors, managers, administrators and executives of a securities issuer, -since their spouses, cohabiting and relatives to the second degree of consanguineity or affinity -, carry out transactions on the values issued by the respective issuer, within the 30 days that precede the disclosure of their financial statements.
“Jorge Said, who is the brother of one of the directors of Parque Arauco SA, alienated a total of 1,300,000 shares On October 7 and 10, 2021, through the Inversiones Ranco Tres SA company, for a total value of $ 933,503,274, violating article 16 subsection 5 of Law No. 18,045 ″, highlighted the CMF.
Finally, the regulator indicated that the aforementioned legal prohibition aims to reduce the risk that certain people operate with an advantage of information, with the aim of maintaining market transparency.
