Defendant Name: Grupo Aval Acciones y Valores S.A.

Defendant Type: Public Company
SIC Code: 6029
CUSIP: 40053W101

Initial Case Details

Legal Case Name In the Matter of Grupo Aval Acciones y Valores S.A. and Corporación Financiera Colombiana S.A.
First Document Date 10-Aug-2023
Initial Filing Format Administrative Action
File Number 3-21559
Allegation Type Foreign Corrupt Practices Act
AAER 4437

Violations Alleged

Exchange Act
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Additionally, Corporación Financiera Colombiana S.A. is alleged to have caused Grupo Aval Acciones y Valores S.A.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Corporación Financiera Colombiana S.A. is alleged to have caused Grupo Aval Acciones y Valores S.A.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 10-Aug-2023
Headline Total Penalty and Disgorgement $40,000,000

Related Documents:

34-98103 10-Aug-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On August 10, 2023, the SEC instituted settled cease-and-desist proceedings against Grupo Aval Acciones Y Valores S.A. and Corporación Financiera Colombiana S.A., stating: "These proceedings arise out of Corficolombiana’s involvement, through its former president as described below, in a bribery scheme related to the largest highway construction project in the history of Colombia, known as Ruta del Sol II (“RDS 2”), and specifically the construction of a road extension to the RDS 2 (the “Ocaña-Gamarra Extension”). The bribe scheme took place against a backdrop of a failure to maintain sufficient internal accounting controls and books and records that concealed the bribes as legitimate business expenses."
2023-151 10-Aug-2023 Press Release--Administrative Proceeding
Colombian Conglomerate Grupo Aval and Its Bank Subsidiary to Pay $40 Million to Settle FCPA Violations
On August 10, 2023, the SEC "charged Colombian conglomerate Grupo Aval Acciones y Valores S.A., aka Grupo Aval S.A., and its bank subsidiary, Corporación Financiera Colombiana S.A. (Corficolombiana), with violating the Foreign Corrupt Practices Act (FCPA). Grupo Aval, whose shares are traded on the New York Stock Exchange, agreed to pay $40 million to settle the SEC charges."

Other Defendants in Action:

Corporación Financiera Colombiana S.A.