Chile: Ponce goes to Supreme Court to prevent SQM-Tianqi sale

A group of companies linked to businessman Julio Ponce Lerou have launched a series of challenges and legal proceedings seeking to reverse the agreement reached a few days ago between the National Economic Prosecutor’s Office (FNE) and the Chinese mining company Tianqi that would allow the latter to take over TIanqi’s counterpart, SQM.

Ponce has gone before the Constitutional Court to file an unconstitutionality request, which would entail the urgent suspension of the sale operation. Attorney Sebastian Oddo, representative of investment company Pampa Calichera, described the time offered for those interested in the transaction to assert their rights, as ‘laughable’ due to a lack of due process.

Ponce also went to the TDLC, noting that “the reasoning and grounds by which the resolution rejected the objections of opponents to the agreement are wrong …”, insisting that the risk corresponds to the illicit sharing of sensitive information from SQM towards Tianqui, and considering the measures imposed by the FNE insufficient. It also slammed the agreement reached by the FNE with Tianqi as being devoid of penalties, sanctions or consequences for non-compliance.