Guillermo Larraín, a professor at the University of Chile, has challenged the stance taken by former Health Minister Jaime Mañalich regarding the role of the Financial Market Commission (CMF) in the wake of the management crisis at Clínica Las Condes.
The controversy stems from an op-ed by Mañalich, in which the former minister accused the CMF of a “critical failure” for failing to prevent precarious management practices that jeopardize the sustainability of healthcare providers.
Larraín argued that the responsibility for corporate management lies with the owners, not the regulator. According to the academic, requiring the CMF to intervene in the administration of private companies would essentially mean abandoning decentralized management.
Conflicts of interest at Clínica Las Condes
The debate highlights the ownership structure of Clínica Las Condes (CLC), a publicly traded company with a dispersed ownership base. Larraín warned of a potential risk of conflict of interest within the institution.
“Doctors play a dual role as minority shareholders and service providers,” the academic noted. This duality could pose a significant risk if the identity of the ultimate beneficial owners of the parent companies is not clarified.
The crisis at the clinic surfaced after its own board of directors detected financial inconsistencies. This led to forensic audits to identify losses in subsidiaries and the need for extraordinary capital injections.
Larraín clarified that the CMF's role is limited to overseeing public offerings rather than managing healthcare providers. He emphasized that financial regulation should only step in when corporate management directly impacts the market.
The situation at the high-complexity clinic remains under scrutiny amid doubts regarding the transparency of its corporate governance. The academic suggests that the lack of clarity in the ownership structure is a critical point that lenders must be aware of.
