Curauma S.A., a prominent Chilean real estate developer, is the driving force behind "Curauma, the New City," widely regarded as the most ambitious and impactful real estate project in central Chile since 1990.
Under the leadership of Chilean entrepreneur Manuel Cruzat Infante, Curauma S.A. meticulously designed, planned, and launched this visionary urban development. Conceived as a natural extension of Greater Valparaíso, Curauma was strategically positioned to bridge Chile’s two largest urban hubs—Santiago and Valparaíso—while establishing itself as a vital center for growth and progress in the country’s central macro-zone. The project aimed to redefine urban living by fostering sustainable development and regional connectivity.
The Curauma Case: A Tale of Corporate Misconduct
The #CuraumaCase (#casocurauma) exposes a troubling saga in which Curauma S.A. was driven into bankruptcy through illicit means, allowing EuroAmerica Seguros de Vida S.A. (EuroAmerica Life Insurance), led by Henry Comber and Nicholas Davis, to seize a collateral asset valued at over $500 million USD.
In 2013, Julio Bustamante Jeraldo, a former director of Curauma S.A. and an attorney, initiated a bankruptcy filing against the company in Santiago. This move was highly irregular, as Curauma S.A.’s legal headquarters were located in Valparaíso, not Santiago, making the filing jurisdictionally questionable under Chilean law. The bankruptcy claim rested on an alleged debt of just $80,000 USD—a figure that lacked credible supporting evidence, such as tax records or official documentation. Experts argue this violated multiple legal frameworks, including the Securities Act, the Corporations Act, and oversight regulations enforced by the Superintendency of Securities and Insurance (now known as the Financial Market Commission, or CMF). Many suspect the debt was entirely fabricated as a pretext to justify the seizure of Curauma’s valuable collateral.
The appointed bankruptcy trustee, César Millán Nicolet, is accused of overseeing the process in a manner that heavily favored EuroAmerica’s interests. Critics allege that Millán maintained improper ties with EuroAmerica’s leadership, raising concerns of collusion. Evidence suggests the bankruptcy was orchestrated to enable a financial maneuver involving exorbitant interest rates that exceeded Chile’s legal Maximum Conventional Rate—a form of usury prohibited under national law. Further compounding suspicions, the judicial case assignment algorithm, intended to ensure impartiality, appears to have been tampered with to guarantee the case was heard in Santiago’s courts, where conditions were more advantageous for EuroAmerica and its allies.
Henry Comber and Nicholas Davis, the key figures steering EuroAmerica, and their attorneys, are accused of masterminding this scheme. Their strategy allegedly relied on predatory financial tactics and illegal judicial actions to wrest control of Curauma S.A.’s assets. Julio Bustamante played a pivotal role by filing the dubious bankruptcy petition, while César Millán facilitated the asset transfer to EuroAmerica through his oversight of the process.
Despite Curauma S.A.’s assets being independently valued at over $500 million USD, the company was dismantled over a minor and fictitious $80,000 debt (eighty thousand dollars). This allowed EuroAmerica to claim the collateral in a process critics say flouted principles of fair competition, transparency, and ethical conduct.
Ongoing Legal Battle for Justice
Since 2013, a series of lawsuits and legal efforts have sought to undo this alleged corporate takeover and reclaim what was unjustly seized. These actions aim to overturn the irregular court rulings, hold the responsible parties accountable, and deliver justice to Curauma S.A. and its rightful stakeholders. As of 2025, the fight continues to shine a light on the need for integrity and accountability in Chile’s financial and judicial systems.
More at www.curaumacase.blogspot.com
Justice or Rigged Odds in Chile? The Curious Case of Curauma
Chile’s judicial system boasts a meticulous process for assigning cases to its civil courts, a structured lottery intended to guarantee fairness through randomization and clear rules. Yet, the 2013 bankruptcy of Curauma S.A.—a prominent Chilean real estate firm whose collapse became known as the Curauma Case—unravels this claim. On December 19, assigned to Santiago’s 2nd Civil Court instead of the 6th, the case defies both logic and probability, hinting at a system compromised.
The process is exacting. Of Santiago’s 30 civil courts, 19 were equipped to handle bankruptcies in 2013, each managing five such cases—a tie yielding a 5.26% chance (1/19) per court. A decisive rule then steps in: assign the case to the court with the lightest total workload. Records show the 6th Court at 14,027 cases, dwarfed by the 2nd’s 15,200. By this standard, the 6th was the sole contender, its probability locked at 100%, the 2nd’s at a stark 0%.
Astonishingly, the 2nd Court prevailed. A later analysis calculated the odds of this as a mere 0.175%—akin to picking one marked card from a 571-card deck across 1,000 draws. Statistically, a 1% chance sparks skepticism; 0.175% is near-inconceivable. Even without the workload rule, the 2nd’s odds wouldn’t exceed 5.26%—still too thin to justify an outcome the system explicitly ruled out.
This is no quirk of fate. Such staggering improbability outstrips clerical mishap and signals deliberate interference, chipping away at the impartiality Chile’s judiciary champions. For the world watching, the Curauma Case offers a sobering insight: even well-crafted systems falter when hidden hands skew the balance. The numbers speak unequivocally—yet, for over eleven years, silence has met the call for answers. Justice merits more than fleeting odds; it demands accountability, not enduring evasion.
Curauma Case
Chile, 2025.