Defendant Name:
Corporación Financiera Colombiana S.A.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Grupo Aval Acciones y Valores S.A.
SIC Code:
6029
CUSIP:
40053W101
Document Reference:
34-98103
Document Details
Legal Case Name
In the Matter of Grupo Aval Acciones Y Valores S.A. and Corporación Financiera Colombiana S.A.
Document Name
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
Document Date
10-Aug-2023
Document Format
Administrative Proceeding
AAER
4437
Allegation Type
Foreign Corrupt Practices Act
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Other Defendants in Action:
