WASHINGTON--(BUSINESS WIRE)--Cartica Capital today made the following statement:
“CorpBanca - the bank whose controlling shareholder, Alvaro Saieh, recently admitted withholding required material disclosures from investors for 5 years - continues to attempt to confuse the market and change the subject whenever the subject is its Board’s failures to ensure that all CorpBanca shareholders are treated equally.
“Cartica’s goal in bringing our lawsuit always has been to enjoin the fraudulent transaction so that a new one can be structured on terms that treat all shareholders equally. Similarly, the disclosures we seek also benefit all CorpBanca shareholders. For CorpBanca to attempt to characterize our damages claim, to which any holder of CorpBanca ADRs who receives fraudulent information is entitled, as a ‘special payment’ is shameless.
“CorpBanca likewise is shameless to take credit for being forced to provide incomplete and late disclosures only in response to our lawsuit. Yet Saieh, CorpBanca and Itau still have failed to file a 13D disclosing that they hold CorpBanca shares in order to act as a group to effect a change of control. Likewise, CorpBanca’s misinformation campaign sinks to new depths by simultaneously both affirming that neither CorpBanca nor CorpGroup provided any material non-public information to Cartica, and then turning around and criticizing Cartica for purchasing additional shares in CorpBanca. In fact, as we have said before, Cartica has never sold a single share of CorpBanca stock, and Cartica acquired more than 80% of its position in CorpBanca before the bank announced that it had hired Goldman Sachs to explore strategic alternatives.
“Cartica will continue to pursue a fair transaction for all CorpBanca shareholders through U.S. federal courts, which enforce the securities laws to which CorpBanca chose to be subject when it listed ADRs, and through Chilean regulators. Moreover, as CorpBanca and CorpGroup well know, we will bring legal action in Chilean courts at the appropriate time.”
About Cartica Management, LLC
Cartica Management, LLC is an alternative asset manager focused exclusively on Emerging Markets. The core of Cartica’s team worked together in senior leadership positions at the World Bank Group’s International Finance Corporation. With assets under management in excess of US$2 billion, Cartica’s institutional client base includes pension funds, endowments, and other international investors.
Cartica is headquartered in Washington, DC and is registered as an investment adviser with the United States Securities and Exchange Commission. For more information please refer to: http://www.carticacapital.com