Latam Airlines CEO Ignacio Cueto in Settlement With SEC
February 04 2016 - 8:33PM
Dow Jones News
By Ryan Dube
Chilean-based airline company Latam Airlines Group SA on
Thursday said its chief executive consented to a cease-and-desist
order from the U.S. Securities and Exchange Commission over the
company's failure to properly record a payment to a consultant 10
years ago.
Latam Chief Executive Ignacio Cueto also agreed to pay a $75,000
penalty to the regulator, the company said in a brief statement.
Mr. Cueto wasn't unavailable for comment.
Latam said the cease-and-desist order concerned the company's
failure to accurately record payments it made to a consultant in
Argentina for work on labor issues in 2006 and 2007. It didn't
provide other details.
Though Latam said the issue was an isolated matter and that Mr.
Cueto agreed to remain in compliance with the firm's internal
accounting controls. The company said it cooperated with the SEC's
investigation and that it has strengthened its accounting controls
since the incident took place.
"Latam Airlines Group and its senior executives maintain a
strong commitment to complying with all laws and regulations in all
countries where the company operates," the company said.
Latam is Latin America's largest airline company, with passenger
flights to 24 countries. The firm's shares are traded in Santiago,
the New York Stock Exchange and the São Paulo Stock Exchange.
Write to Ryan Dube at ryan.dube@dowjones.com
(END) Dow Jones Newswires
February 04, 2016 20:18 ET (01:18 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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