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Chile Court Fines BBVA, Scotiabank Units Over Inverlink Case

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May 30 (Bloomberg) -- Chile’s Supreme Court fined the local brokerage units of Spain’s Banco Bilbao Vizcaya Argentaria SA and Canada’s Bank of Nova Scotia for lack of employee oversight related to the Inverlink fraud case in 2003.

The court fined Scotia Corredora de Bolsa SA 5,000 inflation-linked Unidades de Fomento, or about $233,000, for trades an employee at the time made with Inverlink Holding, according to a statement e-mailed today. BBVA Corredores de Bolsa Ltda was fined 1,200 UF.

Inverlink Holding was accused of stealing and trading certificates of deposit in state-owned industrial promotion entity Corfo.

Scotiabank declined to comment on the ruling in an e-mailed statement today. Roberto Ordonez, communications manager at BBVA Chile, wasn’t available to comment, an assistant said by phone.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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