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. Continue reading »

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. Continue reading »

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. Continue reading »

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. Continue reading »

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. Continue reading »

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. Continue reading »