Benchmark Newsletter: January 2020
CASE OF INTEREST
Chilean firm Albagli Zaliasnik secures a big victory in the Cascadas case, an
incredibly important dispute in the area of stock market crime in South America.
The Cascadas case (also called the “SQM trading scandal”) started as a criminal court case that involves a series of stock transactions carried out between 2009 and 2011, in which several well-known traders and asset managers were allegedly engaged in stock market manipulation with companies linked to SQM, Chile’s largest non-metal mining company. The term “cascadas”, directly translated into “waterfalls” in English, refers to the complex web of holding companies involved in the scandal. Since the beginning of the investigation in 2014, this case has been the most important in the area of stock market crime in Chile and South America. From the start of this case, it has been one of the most complex legal battles in litigation courts today, involving various kinds of practices of law, including administrative, civil, criminal litigation, and tax law. AZ has represented various businessmen, lawyers and politicians allegedly involved in the matter. The Aldo Motta case has been the only accused within the Cascadas web that has been brought to trial.
Mr. Motta was convicted by an oral criminal court for crimes relating to stock market manipulation. In that trial (April 2019), he was found guilty. The Supreme Court has subsequently requested the annulment of the trial, which granted the request and ordered that the trial be resumed. In this new trial, Albagli Zaliasnik, specifically, leading litigators Gabriel Zaliasnik and Cesar Ramos have assumed the defense of Aldo Motta. The trial has finally been completed and the verdict that was issued from the first trial, has been completely overturned and The Supreme Court has acquitted Aldo Motta of all his accused crimes on December 20, 2019.
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