Business Context and Reporting Period
This Form 6-K filing by Credicorp Ltd. covers the period ending December 29, 2021. The report addresses a material event involving a regulatory dispute with the Peruvian Superintendency of the Securities Market (SMV). Credicorp is disclosing a resolution from the SMV Deputy Superintendency (Resolution N° 012-2021-SMV/11) dated March 5, 2021, following a requirement by the SMV to make the document public.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on a legal and regulatory matter. The only financial figures disclosed relate to administrative sanctions:
- Total Sanctioned Fines: Approximately US$477,375 (510 Unidades Impositivas Tributarias or UITs).
- First Charge Fine: 300 UITs (approx. US$270,000).
- Second Charge Fine: 210 UITs (approx. US$207,375).
Material Changes and Regulatory Actions
The filing details the status of an ongoing administrative and judicial challenge regarding the SMV's sanctions:
- Sanctions Imposed: The SMV categorized the alleged infractions as "very serious" (muy grave). The charges relate to the non-disclosure of cash contributions to political parties during the 2011 and 2016 Peruvian presidential campaigns.
- Company Response: Credicorp disagrees with the categorization of facts and the sanctions. The company filed an appeal against the initial resolution.
- Current Status: After the appeal resolution period expired without a decision (negative administrative silence), Credicorp exercised its right to challenge the resolution in the judiciary. On December 7, 2021, the Provisional Superior Chamber Specialized in Administrative Litigation of the Superior Court of Justice of Lima admitted Credicorp's contentious-administrative claim for consideration.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risk disclosed is the outcome of the ongoing litigation against the SMV's sanctions. The company asserts that the information in this report is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Key Facts for Investor Verification
- Verify the current status of the contentious-administrative claim filed with the Superior Court of Justice of Lima.
- Confirm the finality of the SMV sanctions and whether the fines have been paid or are being held in escrow pending the court's decision.
- Review the specific details of the alleged non-disclosure regarding political contributions in 2011 and 2016 to assess potential reputational impact.
- Note that this filing is a compliance disclosure mandated by the SMV and does not reflect operational financial results.