In the eyes of many, when it comes to business, Colombia is a beacon of judicial security and transparent regulation, sometimes to the point of being overly legalistic. For better or worse, that view was reinforced on Thursday.
The country’s ‘grand inspector general’ sacked the financial regulator and banned him from holding public office for more than a decade over last year’s debacle surrounding Interbolsa, until then Colombia’s biggest brokerage. Read more >>
Last week’s assertions by a Colombian lawmaker before Congress regarding the implosion of Interbolsa, the country’s biggest brokerage – reported by beyondbrics after an interview – have solicited strong responses from the country’s regulators and former government officials.
“The Financial Superintendence acted on time and with complete independence. The intervention and subsequent liquidation was performed according to Colombian law,” said Colombia’s financial superintendent, Gerardo Hernández, in a written statement to beyondbrics. Read more >>
The scandal surrounding the collapse of Interbolsa, Colombia’s biggest brokerage firm, is getting wider and uglier by the minute.
The latest to wade in on the mess is Simón Gaviria, an up-and-coming Colombian lawmaker, who on Thursday accused financial regulators of knowingly turning a blind eye to Interbolsa’s questionable financial dealings. Read more >>
Another episode in the collapse of Interbolsa, Colombia’s biggest brokerage: local investment firm Tribeca Asset Management has decided it will not, after all, snap up its investment fund division. Read more >>
The government may be in the middle of liquidating it and a criminal investigation may be lodged against it, but there appear to be some investors who still see value in Interbolsa, the Colombian broker whose collapse took the market by surprise this month.
According to Interbolsa, Portland Holdings, run by Michael Lee-Chin, a Jamaican-born Canadian business magnate, has teamed up with Colombian investment firm Tribeca Asset Management and has expressed an interest in acquiring parts of the business. Read more >>
It’s all over for Interbolsa. Less than a week after financial regulators took over the troubled Colombian broker, the government has ordered the company to be liquidated.
Mauricio Cardenas, Colombia’s finance minister said on Wednesday that Interbolsa would be wound down and its assets sold to pay investors and other financial obligations. Read more >>
The drama surrounding Interbolsa at the moment is an apt reminder that where there’s a boom, there’s bound to be a bust.
Regulators seized Colombia’s largest broker last week and halted trading of its stock after the company said it was facing a temporary funding shortage. On Tuesday, regulators announced that Bancolombia, the country’s largest bank, would take control of Interbolsa’s COP1,600bn ($875m) local bond operations – a move which has heightened speculation that the once high flying broker could be wound down. Read more >>
Things are going from bad to worse for Interbolsa, Colombia’s largest stock broker which on Thursday saw its shares plummet 30 per cent after it warned that it was suffering “a temporary liquidity constraint.”
In another stunning development, Colombia’s financial markets regulator on Friday moved to take administrative control of the company. Read more >>
Barely one month after Interbolsa said it planned to expand into Chile and Peru, investors in Colombia’s largest brokerage were greeted with a bombshell.
On Thursday, the company warned that its trading wing was facing a “temporary liquidity shortage”, which, according to analysts, means it will be hard for Interbolsa to borrow money based on the money the brokerage is making.
The stock closed down 30 per cent to hit an all time low of 980 pesos. Read more >>