Michael Clark Hires Former Minister Luis Cordero for CMF Inquiry

Santiago, Chile – In a move highlighting the intricate legal battles faced by prominent business figures, former Azul Azul president Michael Clark has enlisted the services of ex-Security Minister Luis Cordero. Cordero, now a lobbyist and administrative law professor, will represent Clark in the ongoing administrative inquiry by the Financial Market Commission (CMF).

The engagement, formalized through Chile's Lobby Law, saw Cordero and lawyer Fernanda Skewes meet with Andrés Montes, head of the CMF's Investigation Unit, on April 30. Their discussions reportedly focused on administrative acts, proposed legislation, and specific inquiries related to the CMF's Reserved Office UI N°400/2026.

It is crucial to distinguish this administrative representation from the criminal proceedings also underway. Clark is separately being investigated for alleged crimes including incompatible negotiation, providing false information, and fraud related to the omission of a public share acquisition offer for Azul Azul. This separation underscores the multifaceted nature of the legal challenges confronting Clark, with distinct legal teams handling the administrative and criminal fronts.

From our perspective at Cooperativa, this development is significant not just for the individuals involved but also for the broader implications regarding corporate governance and regulatory oversight in Chile. The involvement of a former minister in such a capacity raises questions about the intersection of politics and business, a topic of perennial interest in our national discourse. While Western media might focus on the headline-grabbing legal drama, our coverage emphasizes the procedural nuances and the specific regulatory environment within which these events are unfolding.

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Elaboración, dictación, modificación, denegación o rechazo de actos administrativos, proyectos de ley y leyes y también de las decisiones que tomen los sujetos pasivos