Santiago, March 2, 2026 — The Supreme Court of Chile has overturned rulings issued by the Competition Tribunal (TDLC) in April and June 2025 and rejected interlocking claims brought by the National Economic Prosecutor’s Office (FNE) against Consorcio, Larraín Vial, Banco de Chile and individuals linked to the companies.
The cases stemmed from complaints filed by the FNE in December 2021 alleging unlawful interlocking directorates.
In the first case, the TDLC had sanctioned Juan Hurtado, Consorcio and Larraín Vial after finding that Hurtado simultaneously served as director of the companies through their parent entities, which the tribunal considered competitors due to their decisive influence over operational subsidiaries.
In the second case, the TDLC imposed sanctions on Banco de Chile and Consorcio based on the simultaneous participation of Hernán Büchi on their boards of directors. Büchi was also a member of the board of Falabella, and the companies were considered competitors in different markets. During the proceedings, Büchi and Falabella reached settlement agreements with the FNE that were approved by the TDLC, ending the case against them.
In rulings issued on March 2, the Supreme Court dismissed the accusations and rejected the interpretation of the infringement adopted by the TDLC. The court held that sanctions for interlocking may only be imposed on the natural person serving as a director or relevant executive, and that the parent companies in which Hurtado and Büchi exercised their functions cannot be regarded as competing companies for the purposes of the alleged infringement.
The court added that the fact that the conduct does not fall within the specific infringement alleged does not mean the events are necessarily lawful. According to the ruling, the conduct could potentially be sanctioned under Article 3, first paragraph, of Decree Law 211 if it produces effects that harm or endanger competition in the relevant market.
