Chile’s former President Sebastian Pinera, a billionaire tycoon who twice held the South American nation’s top job, has died in a helicopter crash.

Iran PressAmerica: “It is with deep regret that we announce the death of the former president of the Republic of Chile,” said the statement on Tuesday, adding that 74-year-old Pinera had died in the popular vacation spot Lago Ranco, some 920km (570 miles) south of Santiago.

Chile Interior Minister Carolina Toha confirmed the death of the former president. No further details were immediately released about the cause of the accident.

Chile’s national disaster agency SENAPRAD confirmed that one person had been killed and three people injured. The government did not immediately name who was aboard.

Pinera, also a successful businessman, oversaw quick economic growth and a steep fall in unemployment during his first 2010 to 2014 presidency, at a time when many of Chile’s trade partners and neighbours were facing sharply slower growth.

His second presidency from 2018 to 2022 was marked by violent protests against inequality that led to accusations of human rights violations and ended with the government promising to draft a new constitution.

Pinera was the owner of the fifth largest fortune in Chile, estimated at some $3bn. He worked as an academic in several universities for almost 20 years and as a consultant for the Inter-American Development Bank and the World Bank.

“It is with deep regret that we announce the death of the former president of the Republic of Chile,” said the statement on Tuesday, adding that 74-year-old Pinera had died in the popular vacation spot Lago Ranco, some 920km (570 miles) south of Santiago.

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