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Colombian regulator completes liquidation of Interbolsa Holding

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Colombian regulator completes liquidation of Interbolsa Holding

Colombia'sprivate companies regulator, Superintendencia de Sociedades, has completed theliquidation of Interbolsa Holding, the parent of collapsed brokerage , the head of theregulator, Francisco Reyes, said in an April 5 press conference.

"InterBolsahas ceased to exist, the process is completed," Reyes said, adding thatlegal processes are still pending to recover money owed to investors.

The regulatorhas so far recovered around 65% of the amount owed to investors in the holdingcompany and paid 85% of its outstanding labor obligations, he noted.

Interbolsa'sbrokerage unit collapsed in 2012 after defaulting on loan payments due to afunding shortage. In 2015, Colombia's National Public Prosecutor Gerardo Hernández, thehead of the country's financial regulator, for 10 months for failing to preventthe collapse.