BanColombia
29 ноября 2018, 05:05

Key Witness Poisoned In "Mysterious" Death Surrounding Colombian Corruption Probe

The mysterious death of a witness in a corruption probe taking place in Colombia has cost the founder of Colombia's biggest banking group $1 billion of his fortune, after already losing another $1 billion earlier this year, Bloomberg reported. Luis Carlos Sarmiento, founder of bank Grupo Aval Acciones y Valores SA, has watched the market value of his fortune decline as government investigations into Brazilian construction company Odebrecht SA have cast a shadow over Sarmiento's bank and its former partners. A subsidiary of Aval had partnered with Odebrechtto build a section of the 621-mile Ruta del Sol highway connecting Colombia with the Caribbean coast. The partnership fell through when Odebrecht admitted using a bribe to win the contract. Shares of Aval are down 27% in dollar terms this year, which makes it easily the worst performance among the 20 biggest banks in Latin America. For comparison, Bancolombia was higher by 2% over the same period. The vaporizing of value comes after an auditor for one of Sarmiento's companies - Jorge Enrique Pizano - who had previously expressed concern for his own safety and provided evidence to the FBI - died this month from a heart attack. Pizano was outspoken about suspicious payments by Odebrecht dating back to 2013. His son, who went home from Spain for the funeral, also recently died in a poisoning - the circumstances of which are being called "mysterious". Since Pizano's death on November 8, Sarmiento has seen his personal fortune fall by about $1 billion, after falling another $1 billion earlier this year. One of the contracts that Pizano was interested in was a $2.7 million payment to a bank in Panama that wound up going through New York. Reportedly, Pizano had taken a four hour meeting with the FBI at the US Embassy in Bogotá to discuss it. Aval's net income was up 79% in the third-quarter, but the company still finds itself under the cloud of these investigations. Carlos Rodriguez, head of equities at Ultraserfinco brokerage in Bogota told Bloomberg: “When international authorities get involved, and above all, U.S. authorities, there’s a risk of something additional coming out, something we don’t know about.” Aval has claimed its innocence and "repeatedly denied that it knew about its partner’s illegal actions" in its U.S. SEC filings. It’s been found that Odebrecht had bribed politicians and government officials to help it win contracts to build things like highways and power plants in various parts of Latin America. The company has already reached settlements in countries like the United States and the Dominican Republic. The Colombian case and the investigation into the deaths are both still ongoing. Meanwhile, Pizano reportedly made secret audio recordings of his conversations with Nestor Humberto Martinez, the lawyer who represented Aval, when he brought up his concerns about these irregular payments. Martinez, who is now the Nation's Attorney General, stated on Colombian TV that he passed on Pizano's comments to Sarmiento himself. Nothing to see here...

29 марта 2018, 16:36

Deutsche Bank to Review Investment Bank, Might Cut Jobs

Deutsche Bank's (DB) executives plan to complete the review of the investment banking unit within a few weeks and determine potential areas of investment and cost savings.

28 марта 2018, 16:30

Deutsche Bank (DB) to Divest Portugal PCB Business to ABANCA

Deutsche Bank (DB) continues to execute restructuring moves amid plans to replace the present CEO.

27 марта 2018, 16:06

Credit Suisse (CS) CEO's Compensation for 2017 Falls 5%

Credit Suisse's (CS) CEO remains confident that the company's three-year restructuring plan (ending in 2018) will improve its performance and deliver profits in years ahead.

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22 марта 2018, 23:55

Deutsche Bank Shares Slip as CFO Projects Lower Revenues

Foreign exchange headwinds and higher funding costs to dent Deutsche Bank's (DB) initiatives to revive performance.

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02 февраля 2018, 17:16

Deutsche Bank (DB) Incurs Net Loss in Q4, Revenues Down

Deutsche Bank (DB) Q4 results were affected by trading slump and one-time charge due to the tax reform.

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13 декабря 2017, 17:06

New Strong Sell Stocks for December 13th

Here are 5 stocks added to the Zacks Rank #5 (Strong Sell) List today:

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19 мая 2017, 23:21

Not Every Retailer is Suffering This Earnings Season

Not Every Retailer is Suffering This Earnings Season

16 мая 2017, 10:01

Акции НЛМК добавлены в индекс MSCI Russia

Индексный провайдер MSCI добавил акции НЛМК в индексы MSCI Emerging Markets и MSCI Russia по итогам очередной полугодовой ребалансировки. Как следует из сообщения провайдера, в индекс MSCI ACWI Index добавлены 57 ценных бумаг и исключены 28. К индексу развивающихся рынков MSCI добавляются НЛМК, Indian Oil Corp и Bancolombia (Колумбия). Все изменения вступают 31 мая 2017 г.

06 мая 2017, 08:17

April Jobs Bring May Highs

April Jobs Bring May Highs

17 апреля 2017, 16:55

Does BanColombia Make for a Suitable Value Pick Right Now?

Let's put BanColombia S.A. (CIB) )stock into this equation and find out if it is a good choice for value-oriented investors right now.

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03 февраля 2017, 18:00

Can Value Investors Consider BanColombia as a Great Stock?

BanColombia can be considered as a great pick for the value investors on the back of its solid key value statistics.

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