page_title: Sebastián Piñera
section_title: Businesses
hierarchical_section_title: Sebastián Piñera / Businesses
caption_attribution_description: English: Sebastián Piñera, Chilean politician and economist. Español: Sebastián Piñera, político y economista chileno.
context_page_description: Miguel Juan Sebastián Piñera Echenique is a Chilean billionaire businessman, who is President of Chile since 2018, having previously served from 2010 to 2014.
  The son of a Christian democratic politician and diplomat, he studied business engineering at the Pontifical Catholic University of Chile and economics at the Harvard University. He had an estimated net worth of 2.8 billion dollars in 2019 according to Forbes, making him one of the richest people in Chile.
  A member of the right National Renewal party, he served as a senator for the East Santiago district from 1990 to 1998, running for the presidency in the 2005 election, which he lost to Michelle Bachelet, and again, successfully, in 2010. As a result, he became the first conservative president to be democratically elected since 1958, and the first to hold the office since the departure of Augusto Pinochet in 1990.
context_section_description: Piñera was general manager of the Banco de Talca. In 1982, a warrant was issued for his arrest on charges of violating banking law. Piñera spent 24 days in hiding while his lawyers appealed the order. A writ of habeas corpus, first rejected by the Appeals Court but then approved by the Supreme Court, acquitted Piñera.
  Piñera once owned 90% of Chilevisión (a terrestrial television channel broadcasting nationwide). He also owned 27% of LAN Airlines (LAN); 13% of Colo-Colo, a football (soccer) club; and other minor stock positions in companies such as Quiñenco, Enersis, and Soquimich.
  In July 2007, Piñera was fined approximately US$680,000 by Chile's securities regulator (SVS) for not withdrawing a purchase order after receiving privileged information (an infraction similar to insider trading) of LAN Airlines stock in mid-2006. Later that month, he resigned from the boards of LAN and Quintec.
  To avoid a conflict of interest he sold Chilevisión for $160 million in 2010 to Time Warner. He also sold his shares of LAN in several rounds between February and March 2010, as well as his stake in Colo-Colo.
  Piñera has built an estimated fortune of $US2.8 billion as of February 2018, according to Forbes magazine. His wealth is greatly due to his involvement in introducing credit cards to Chile in the late 1970s and his subsequent investments, mainly in LAN Airlines stock. Piñera acquired shares of the formerly state-owned company from Scandinavian Airlines in 1994, as part of a joint venture with the Cueto family.
caption: Before entering politics, he was a businessman.
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