On Thursday, December 23, 2021, the three Pullman brothers set up four family businesses in England that included their children. On the one hand, Cencosud Chairman Heike Paulmann founded Toby UK Holdings LLP, while Manfred founded Salmo Fario LLP and Peter Patagua LLP.
These three companies came under the umbrella of a parent company – they christened Pauko LLP in reference to their nicknames Paulmann Koepfer – which they formed on Friday, December 24, 2021. Shareholders in said company are Toby UK Holdings, Salmo Fario and Patagua. This is the first flag set by the sons of Horst Pullman in the United Kingdom.
The four entities are headquartered at 10 Norwich Street, Central Holborn, a well-known neighborhood for law firms in the English capital. It corresponds to the same site that businessman Isidoro Quiroga used to establish his investment company South Lake Services LLP. As revealed by DF MAS in FebruaryAnd the The former Enphase Energy contributor moved to the UK in mid-2021 with his family and even moved his tax home to London after selling a large portion of his assets in Chile.
This is not the only last step the Pullman brothers made with their children. As reported by Diario Financiero last week, Peter and Manfred have asked for court permission to donate more than $20 billion to their descendants. They stated in detail that they would implement the necessary legal procedures for this type of movement.
So they had to reveal part of their origins. In the case of Manfred, it is established that he has an indirect interest in Cencosud equivalent to $15,940,498,005, while Peter is $19,779,579,630.
For her part, in April, Heike Pullman requested permission to donate $3.2 million to each of her four children (totaling $12.8 million). On this occasion, it stipulated that its stake in Cencosud be valued at $21,803 million.
Family legal advice is provided by teams of attorneys from Carey and PwC. Indeed, in April (after Horst Pullman left Cencosud’s board), the consulting firm’s tax attorney, Maria Paz Correa ran the procedure as the retailer’s founder revoked the management, representation, and use of his three children’s trademark powers in the firms Inversiones Quinchamalí Limitada and Inversiones. Tano Limitada and Inversiones Latadía Limitada.
It is not known whether the investment companies that opened in London will receive part of the assets that Heike, Manfred and Peter want to donate to their children. What is known is that their chosen type of company (LLP) is tax efficient when doing business outside of British soil. This means that the heirs of Horst Pullman are unlikely to consider moving to England, as they will not receive the tax benefits that they currently receive.
Other entrepreneurs who set up companies in England
Quirogas and Paulmanns are not the only ones interested in London, a city highly prized by high net worth Chilean families precisely because of the tax facilities it offers (eg Italy, Portugal and Spain).
On April 27, 2022, members of the Silva Domínguez family, shareholders of Grupo Security, formed an investment company called Trailafquen.. Who opened it? Francisco Silva Silva (Chairman), Teresita Dominguez Valdes, Francisco Silva Dominguez, Jose Andres Silva Dominguez, Teresita Silva Dominguez and Magdalena Silva Dominguez.
The same was done by Alejandro Ruiz Bornchoir, a businessman associated with the real estate company Eurocorp. In March, he and his family – formed by Marcia Roll Espinosa, Catalina Ruiz Roll, Raimundo Ruiz Roll and Vicente Ruiz Roll – founded FRR Capital LLP.
Silva Domínguez and Ruiz Rolle are located under the same address used by the Paulmann brothers and the Isidoro Quiroga family.
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