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Violation Tracker Individual Record

Company: Corporacion Financiera Colombiana S.A.
Penalty: $20,000,000
Year: 2023
Date: August 10, 2023
Offense Group: competition-related offenses
Primary Offense: Foreign Corrupt Practices Act
Secondary Offense: kickbacks and bribery
Violation Description: Corporacion Financiera Colombiana S.A., a Colombian financial services institution, agreed to pay a criminal penalty to resolve allegations stemming from the company's involvement in a scheme to pay millions of dollars in bribes to high-ranking government officials in Colombia. Pursuant to the DPA, Corficolombiana was penalized $40.6 million. The Department has agreed to credit up to half of that criminal penalty against money that the company and its subsidiary, Estudios y Proyectos del Sol S.A.S. (Episol), paid to Colombia's Superintendencia de Industria y Comercio (SIC), for violations of Colombian laws related to the same conduct, so long as the company and Episol dropped their appeals of the SIC resolution. In addition, Corficolombiana will pay over $40 million in disgorgement and prejudgment interest as part of a resolution of a parallel investigation by the SEC (see separate entry).
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Prosecution Agreement: deferred prosecution agreement
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.