Chile's Pinera impacted by Pandora Papers [View all]

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Chilean President Sebastián Piñera is facing a new political headache - in the form of impact from the “Pandora Papers” released on Sunday.

According to the investigation carried out by the International Consortium of Investigative Journalists (ICIJ), in December 2010 Piñera sold his share of the Dominga Mine to his partner and close friend Carlos Alberto Délano.

Some $14 million were exchanged in Chile and $138 million in the British Virgin Islands, to avoid paying Chilean taxes.

The Pandora Papers likewise revealed details on Monday about how Piñera, who has one of the largest fortunes in Chile with almost $3 billion, transferred his businesses to his children to avoid possible conflicts of interest after his first election as president in 2010.

In documents obtained by the ICIJ, his four children acknowledge that the source of the assets declared in the British Virgin Islands are the product of gifts they received from their father.

This opens the question of whether taxes were paid for the transfer, since living gifts pay a 25% tax in Chile.

At: https://www-pagina12-com-ar.translate.goog/372603-chile-sebastian-pinera-herido-por-los-pandora-papers-que-tam?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=nui

Chilean President Sebastián Piñera (right) and his center-right coalition's nominee, Sebastián Sichel.

The revelations may further erode already dim prospects in elections this November for Sichel, who has struggled in the polls against center-left rival Gabriel Boric.

Recent polls even have Sichel running third, behind far-right candidate José Kast.