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Home > Legal & Regulatory docs.

ON Global Holdings LLC Letter to the Financial Market Regulatory Commission - Spanish - 12 May 2021

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Country
  • Chile
  • United States
Year

2021

Summary

"[...] Por medio de dicha carta, ON Global Holdings LLC solicita al Gobierno de Chile abrir un procedimiento de consultas amistosas y negociaciones para intentar resolver las graves consecuencias ocasionadas por la promulgación de la Ley Nº 21.330 sobre "anticipo de rentas vitalicias", así como también, aquellas futuras que tengan su causa en otras iniciativas legales en el mismo sentido.

En efecto, la promulgación de tal cuerpo legal y el actual clima de incerteza jurídica, tienen como consecuencia que el Estado de Chile esté infringiendo el derecho de ON Global Holdings LLC, en calidad de inversionista extranjero, a recibir un trato justo y equitativo, así como las normas que prohíben todo tipo de expropiaciones directas e indirectas. Tales derechos se encuentran protegidos por las disposiciones del Tratado y por los principios, reglas y normas del derecho internacional de inversiones, incluyendo el Acuerdo General sobre el Comercio de Servicios ("GATS")

Adicionalmente, informamos que por dicha carta, ON Global Holdings LLC se reservó todos los derechos y acciones que posee en virtud del Tratado, así como de cualquier otra normativa, especialmente para requerir ante los tribunales internacionales que correspondan, la compensación por los daños a la propiedad y a la operación de sus negocios en Chile causados por los hechos antes señalados, toda vez que se ha visto obligada a responder con su propio patrimonio para dar cumplimiento a la ley señalada. [...]"

...

[Unofficial English translation]: By means of this letter, ON Global Holdings LLC requests the Government of Chile to open a procedure of friendly consultations and negotiations to try to resolve the serious consequences resulting from the promulgation of Law No. 21,330 on "advance payment of annuities", as well as those future consequences arising from other legal initiatives in the same direction.

The promulgation of such a legal body and the current climate of legal uncertainty lead to the State of Chile to breach the right of ON Global Holdings LLC, as a foreign investor, to receive fair and equitable treatment, as well as the rules prohibiting all types of direct and indirect expropriations. All such rights are protected by the provisions of the Treaty and by the principles, rules and norms of international investment law, including the General Agreement on Trade in Services ("GATS").

Furthermore, we inform that by the above mentioned letter, ON Global Holdings LLC reserved all rights and actions it has under the Treaty, as well as under any other regulation, especially to require before the corresponding international tribunals, the compensation for the damages to the property and operation of its businesses in Chile caused by the above mentioned actions, given that the company has been bound to respond with its own assets in order to comply with the above mentioned law.

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