Colombia’s new government proposes tax reform to finance...
Peace talks with Colombia’s ELN guerrillas ‘about to...
Colombia’s largest paramilitary group announces unilateral ceasefire
The men and women who will govern Colombia...
Gustavo Petro sworn in as Colombia’s new president
Colombia to seek decriminalization of drugs despite US...
Colombia’s failing state | Part 6: indigenous under...
How serious is Colombia’s president-elect about fighting corruption?
How violent Colombia became while Duque was in...
Medellin’s secret history of violence against women and...
  • About
  • Support
  • Newsletter
  • Contact
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion
News

Authorities close DMG offices

by Adriaan Alsema November 17, 2008

Colombian authorities closed a number of offices of DMG, a popular
investment company accused of money laundering and the use of pyramid
schemes. The government declared a state of Social Emergency to have
extra tools to deal with these schemes that have already led to the
loss of $US290 million of mostly poor Colombians in the south.

The Government and DGM have been in conflict for a long time. Bogotá says the company launders drug money and is scamming its investors.

DMG in return says its money flows are transparent and legal. They accuse Grupo Aval, Colombia’s largest banking consortium, of wanting to eliminate their competitor. Banks in Colombia are barely used by poor people, because they charge a monthly fee for having a bank account and for every transaction made.

Thousands of people took the streets in Bogotá Saturday, defending DMG.

The government plans to close the offices of DMG in twenty of the country’s cities and seek the shutting down of the country’s many pyramid schemes.

Trending

  • Colombia to seek decriminalization of drugs despite US objections

  • Medellin’s secret history of violence against women and girls

  • How serious is Colombia’s president-elect about fighting corruption?

  • RSS

@2008-2019 - Colombia Reports. All Rights Reserved.
Powered by Digitale Zaken and Parrolabs


Back To Top