Chile fines Pinochet's ex son-in-law Julio Ponce

3 September 2014 Last updated at 05:44 ET
Chile fines Pinochet's ex son-in-law Julio Ponce

One of Chile's richest men, Julio Ponce, has been fined $70m (£42.5m) for illegal share trading.

Mr Ponce is the chairman of Sociedad Quimica y Minera (SQM), the world's biggest producer of iodine, lithium and potassium.

He was married to the daughter of Chile's former military ruler, Gen Augusto Pinochet.

Mr Ponce, who can appeal against the fine, says the charges against him are politically motivated.

Record fine

The regulator of the Chilean stock exchange found Mr Ponce, who controls SQM through a series of holding companies, guilty of enriching himself at the expense of other shareholders.

It fined Mr Ponce and seven of his associates a total of $164m, the highest fine the regulator has ever issued.

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