Colombian conglomerate and subsidiary pay $80.8 million to settle FCPA offenses
Rupo Aval Acciones y Valores S.A. and its banking subsidiary reached a settlement on Thursday to pay $80.8 million in disgorgement and penalties to the DOJ and SEC to resolve FCPA violations relating to a toll road project in Colombia. Corporación Financiera Colombiana S.A. (Corficolombiana), a division of the conglomerate with its headquarters in Bogotá, entered into a three-year deferred prosecution agreement with the Department of Justice and paid a $40.6 million criminal fine. As long as Corficolombiana and Episol give up their appeals of the SIC resolution, the DOJ said it agreed to credit up to half of that criminal penalty against money that Corficolombiana 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 conduct. Pay approximately $40.3 million The SEC accused Grupo Aval and Corficolombiana of breaking the FCPA’s accounting rules , and C...