The Chile Financial Market Commission (CMF) Board has agreed to liquidate the Sartor Leasing Redeemable Investment Fund (SLRIF) and appointed Sartor Administradora General de Fondos (Sartor AGF) as liquidator, which is itself under the administration of CMF-appointed liquidator Ricardo Budinich. The decision follows information reported by the liquidator via Essential Facts on March 5 and 10, including that ASB Bank Corp. seized the fund’s checking account and assets consisting of promissory notes, which the CMF assessed as jeopardising the fund’s stability and contributors’ rights. The CMF also pointed to debts incurred under Sartor AGF’s previous management that triggered the seizure before a liquidator was appointed in December 2024, and to additional risks flagged on March 13 affecting collection, asset quality, the work of external auditors and valuers, and cash flow; in the liquidator’s view, these conditions prevent continuity, make a transfer to another general fund manager unfeasible, and impede the fund’s ability to meet obligations to creditors and contributors.
Chile Financial Market Commission 2025-03-14
Chile Financial Market Commission orders liquidation of Sartor Leasing Redeemable Investment Fund and appoints Sartor AGF as liquidator
The Chile Financial Market Commission (CMF) has decided to liquidate the Sartor Leasing Redeemable Investment Fund (SLRIF) and appointed Sartor Administradora General de Fondos as liquidator. This decision follows the seizure of the fund's assets by ASB Bank Corp. and concerns over debts and risks affecting asset quality and cash flow, which the CMF deemed detrimental to the fund's stability and contributors' rights.