Corporate Fraud & The New Neoliberal Testament of Chilean Globalization!
Chile was admitted during 2010 to the OECD thanks to the endeavors of right and left wing economists that reigned in the last and present governments and happily embraced many neoliberal paradigms. The former, although objectively Chile does not comply with OECD legal, economic and social thresholds, as shown by the fact that the country is a lagger in most OECD measurements. Contemporaneously to the official OECD acceptance, a contingent of strategically designated Chileans rapidly filled in the offices of the well budgedet and tax free service oriented .ORG, ready to deliver the good news of salvation from Paris to Santiago. Unfortunately, the government now seems to be more troubled than before Mr. Angel Gurria ever dreamed to visit the country and faces an unprecedented social upheaval which if not solved may evolve into massive protests and social explosion.
As one of the most significant landmark events of the current multifaceted debate the so called “Chilean Model” has continued to disclose facts from one of its most emblematic proofs of the huge imbalances, which extreme neoliberal and uncontrolled public and private policies can offer to undeveloped countries, with inmense social, economic, legal and political effects. The words of the actual President of the most famous and popular retailer called “La Polar” confirmed that the firm never showed transparent Accounting Financial Statements, committing one of the most fantastic frauds of Chilean history, which is likely to affect thousands of Chilean families and even the OECD most glorified Chilean Pension Funds Investments. Remarkably, it also follows from these informations that the auditing firm Price Waterhouse Coopers did not draw attention to the risks of the retailer´s business model and systematically approved the financial and tax accounting statements which boosted inexistent earnings. Instead, La Polar should have disclosed real losses for US$ 1.000 millions in the last 10 years, which in terms of Chilean GDP is comparable to the scandal of Enron in the US.
In Spanish:
http://www.emol.com/noticias/economia/2011/10/27/510186/presidente-de-la-compania-la-polar-hizo-el-maquillaje-mas-grande-de-una-empresa-en-chile.html
http://www.latercera.com/noticia/portada/2011/10/653-401692-9-presidente-de-la-polar-tras-nuevo-balance-este-es-el-maquillaje-mas-grande-de.shtml
Chile was admitted during 2010 to the OECD thanks to the endeavors of right and left wing economists that reigned in the last and present governments and happily embraced many neoliberal paradigms. The former, although objectively Chile does not comply with OECD legal, economic and social thresholds, as shown by the fact that the country is a lagger in most OECD measurements. Contemporaneously to the official OECD acceptance, a contingent of strategically designated Chileans rapidly filled in the offices of the well budgedet and tax free service oriented .ORG, ready to deliver the good news of salvation from Paris to Santiago. Unfortunately, the government now seems to be more troubled than before Mr. Angel Gurria ever dreamed to visit the country and faces an unprecedented social upheaval which if not solved may evolve into massive protests and social explosion.
As one of the most significant landmark events of the current multifaceted debate the so called “Chilean Model” has continued to disclose facts from one of its most emblematic proofs of the huge imbalances, which extreme neoliberal and uncontrolled public and private policies can offer to undeveloped countries, with inmense social, economic, legal and political effects. The words of the actual President of the most famous and popular retailer called “La Polar” confirmed that the firm never showed transparent Accounting Financial Statements, committing one of the most fantastic frauds of Chilean history, which is likely to affect thousands of Chilean families and even the OECD most glorified Chilean Pension Funds Investments. Remarkably, it also follows from these informations that the auditing firm Price Waterhouse Coopers did not draw attention to the risks of the retailer´s business model and systematically approved the financial and tax accounting statements which boosted inexistent earnings. Instead, La Polar should have disclosed real losses for US$ 1.000 millions in the last 10 years, which in terms of Chilean GDP is comparable to the scandal of Enron in the US.
In Spanish:
http://www.emol.com/noticias/economia/2011/10/27/510186/presidente-de-la-compania-la-polar-hizo-el-maquillaje-mas-grande-de-una-empresa-en-chile.html
http://www.latercera.com/noticia/portada/2011/10/653-401692-9-presidente-de-la-polar-tras-nuevo-balance-este-es-el-maquillaje-mas-grande-de.shtml
Labels: Chile., Corporate Governance, Fraud, La Polar
posted by cristián gárate @ 5:47 AM
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