The Chile Financial Market Commission (CMF) sanctioned Francisco Coeymans Ossandón with a UF 50,000 fine and a five-year ban from serving as a director or general manager of entities covered by Articles 36 and 37(1) of Decree Law No. 3,538, after finding he knowingly provided false information to the CMF and the public about the financial situation of Primus Capital S.A. (PCSA) in its 31 December 2022 financial statements. The CMF found breaches of multiple provisions of Law No. 18,045 on the Securities Market and General Rule No. 30, including conduct captured by Article 59(A) relating to maliciously providing false information. In his role as PCSA’s general manager, Coeymans was found to have presented excess assets of more than CLP 35 billion linked to irregular factoring operations that were improperly accounted for, and to have manipulated information presented to PCSA’s board by omitting the irregularities. After the issues were uncovered, PCSA adjusted total assets for fiscal year 2022 from CLP 258,748.797 million to CLP 222,908.263 million, with the statements submitted on 27 March 2023 reflecting excess assets of CLP 35,331.208 million. The CMF noted that Law No. 21,314 amendments increased the maximum fine available under Decree Law No. 3,538 from UF 15,000 to UF 100,000.
Chile Financial Market Commission 2025-05-26
Chile Financial Market Commission fines Francisco Coeymans UF 50,000 and imposes five-year management ban for false Primus Capital disclosures
The Chile Financial Market Commission (CMF) fined Francisco Coeymans Ossandón UF 50,000 and imposed a five-year ban from directorial or managerial roles for providing false financial information about Primus Capital S.A. (PCSA). Coeymans, as PCSA's general manager, overstated assets by over CLP 35 billion through irregular factoring operations. Following the discovery, PCSA revised its 2022 financial statements, reducing total assets from CLP 258,748.797 million to CLP 222,908.263 million.