BLUMAR SUES THE CHILEAN STATE

Blumar sues the Chilean State over early changes to fisheries allocation rules agreed through 2032. The company turned to the courts following changes to the regulatory framework established and expressly accepted in 2013, under which Blumar invested, created jobs, and developed productive activities in the regions. The legal action seeks to safeguard legal certainty and protect workers, communities, and shareholders.

Blumar filed a legal action against the State of Chile due to the effects of the Fisheries Allocation Act enacted in 2025 on the industrial fishing sector, which altered the regulatory framework established in 2013 (which set clear operating and allocation conditions through at least 2032) without any compensation being provided due to this change.

The company explained that the 2013 legislation entailed a significant modernisation of the national fishing system. Under an expressly established regulatory framework set by the State, the industrial sector relinquished indefinite authorizations, which were replaced with licenses subject to defined terms and exploitation conditions (20 years), thereby promoting more sustainable, stable, and regulated use of resources under explicit and well-known rules. This framework included allocation rules projected through at least 2032, on the basis of which investment, employment, and regional development decisions were made.

In this context, Blumar—like other industrial fishing companies—made investment, employment, and regional development decisions based on the statute it adopted in accordance with the legislatively approved regime, which was preceded by various consultation processes convened by the State itself. The new regulation modifies the established regime without providing compensation mechanisms, resulting in a serious impairment of assets equivalent to regulatory takings, in violation of essential principles of legal certainty that the State is obliged to guarantee.

The financial impacts of altering the framework to which the company adhered are severe, and their assessment has been commissioned to independent experts. This evaluation considers variables such as the early reduction of quotas, the impact on originally granted rights, and new economic burdens arising from the regulatory change. Preliminary studies estimate the damage at approximately US$216 million, which clearly affects the company’s sustainability and, naturally, future investment projections.

In this context, the company has been forced to reassess its development plan related to jack mackerel intended for human consumption in the Biobío Region, which is the resource most affected by the new allocation scheme. One of the impacted projects involves investments of approximately US$45 million in Coronel, generating 250 new direct and indirect jobs.

“We are a responsible, serious, and professional company. We must protect not only the interests of our shareholders, but especially those of our workers and the communities where we operate; when rules established by law are unilaterally altered, the appropriate institutional path is to pursue the legal actions provided for in our legal system”, Blumar representatives stated.

With 77 years of experience, operations in more than seven regions of the country, more than one thousand workers in its fishing segment, and nearly 8,000 beneficiaries of community projects in various municipalities, Blumar plays a fundamental role in relation to resources such as jack mackerel, under standards of sustainability and scientific regulation. The company reiterated its commitment to sustainable fisheries development, with clear and stable rules that make it possible to reconcile investment, regional employment, and resource protection.