The Panel of appeal of single Board of resolution (JUR), a body that managed intervention and sale of Banco Popular on June 6 last by a euro to Santander, has estimated resource of Aeris Invest, investors of Chilean family Luksic, represented by Roca Junyent, requesting access to Deloitte report and or documents.
Following its deliberations, Panel of appeal of Single Resolution board has decided to grant access to requested documents. "Although this access is not complete, it is a very significant step forward for those affected when it comes to overcoming problems posed by policy of opacity of JUR," lawyers say in ir note.
The Panel notes that some parts should remain confidential. The decision does not expressly point out which parts should remain secret but it does indicate that JUR must provide a new version of documents (including Deloitte report) in which only truly confidential information is omitted.
This implies, for example, access to numerous data, information, valuations and predictions of Deloitte report, including its conclusions and economic ranks of its valuation. The Board shall now, on basis established by Panel, substantiate any censorship of data it carries out, explaining why confidentiality of same should be kept, notes law firm.
Although Panel's decision is appealable, community sources ruled that an opposition from JUR could arrive, given enormous public pressure because report is known with which it was determined that Popular value 2 billion negatives, so re was To leave no value to titles of 300,000 shareholders and on behalf of bondholders, when it was held by Santander.Restricted access
"From now on, board must grant access to data, hirto unknown, that open door to a much stronger defense," notes note.
The resource panel of JUR ( "panel") is competent to, among or issues, decide on resources relating to document access requests. Since decision of JUR of 7 June on Banco Popular has been adopted, more than 40 resources of diverse nature have been submitted to Panel. In at least 34 of m, Panel has not been pronounced on merits, and has inadmissible m by understanding that y were incorrectly formulated, or for having as ir object issues that were not of ir competence.
Aeris presented a resource relating to access to certain key documents of dossier that resulted in decision of JUR of resolution of Banco Popular, such as full text of decision and report of Deloitte, among ors. The Panel decided to hold a view on 16 November so that parties could orally expose ir arguments and now have failed to Aeris Invest.
Aeris Invest, ie Luksic, reached on June 6 a participation in Banco Popular of 3.45%.