Judge Paulina Moya of Santiago's Fourth Guarantee Court on Friday denied the complainants' request to reopen the criminal investigation into the Australis case. The ruling came on the second day of arguments and benefited businessman Isidoro Quiroga and two former executives of the salmon producer.
According to Emol, the judge also lifted the defendants' precautionary measures. Quiroga and Santiago Garretón, former administration and finance manager, were subject to a ban on leaving the country and quarterly check-ins. Martín Guiloff, former chairman of the board, had to check in every two months at the Chilean consulate in Madrid, Spain.
The dispute began in 2019, when Joyvio, a Chinese-funded company, acquired Australis for about US$921 million. It later accused the former owners of concealing salmon production exceeding the levels authorized by its environmental permits, allegedly inflating the company's value.
In January 2025, the Prosecutor's Office formally notified Quiroga, Garretón and Guiloff that they were under investigation for fraud and breach of fiduciary duty. Formal notification means officially informing a person that they are being investigated. At that time, the Public Prosecutor's Office estimated the damage at US$620 million.
However, prosecutor Juan Pablo Araya concluded the investigation convinced that the evidence was insufficient to bring charges. To reach that conclusion, he took more than 80 statements, sent 70 official requests and issued 26 instructions to the Investigative Police (PDI). The Prosecutor's Office therefore announced its decision not to proceed, meaning it would not take the case to trial.
Australis Seafoods and Joyvio wanted to reopen the case to complete outstanding investigative steps. The complainants' lawyer César Ramos cited expert assessments to measure the financial losses and a forensic analysis of emails. According to Ramos, the court rejected them because of technical difficulties. La Tercera added that defense lawyers argued those requests had been submitted after the deadline.
In his reply, the complainants' lawyer Jorge Bofill responded to Quiroga's defense, which had described one of the requests as misleading. "We are not making anything up. We are not misleading anyone," Bofill said.
Asesorías e Inversiones Benjamín (AIB), a company linked to Quiroga, welcomed the ruling. In a statement, it maintained that the evidence "rules out any deception or fraud in the sale of Australis." It also recalled that an arbitration tribunal unanimously concluded that there had been no intentional wrongdoing or fraud.
That arbitration award nevertheless found that the sellers had withheld environmental information and ordered them to return US$217 million, approximately US$300 million with interest. In June, the Santiago Court of Appeals annulled that decision, and Joyvio initiated new arbitration proceedings, which remain ongoing.
Joyvio announced that it will seek authorization to bring charges independently. Through this mechanism, the complainant asks the judge for permission to bring charges itself and take the case to an oral trial even though the Prosecutor's Office has withdrawn. "That does not mean the case is over for us," Ramos said.
The court scheduled the dismissal hearing for March 15, 2027, when the definitive closure of the case against the defendants will be discussed. The sources did not report the RIT (Internal Court Case Number) or the RUC (Unique Case Number).
