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Chile's financial regulator fines SQM CEO and 7 others a combined $163 million for illegal share trading

6:39 AM MDT | September 3, 2014 | Francinia Protti-Alvarez

Chile's financial regulator SVS (Santiago) has levied a combined $163-million fine on eight individuals and the country's largest brokerage firm, Larrain Vial (Santiago), for their involvement in the illegal trading of Sociedad Química Minera de Chile (SQM; Santigo) shares, SVS says. SQM is the world's largest producer of iodine and lithium and a maker of potash. Julio Ponce Lerou, the CEO of SQM and among the individuals fined, has received the heftiest penalty, about $70 million, the regulator says. Lerou's legal team is reviewing the case and expects...

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