Colombia’s highest administrative court on Monday ordered the country’s largest bank, Bancolombia, to pay a $1.7 million fine for violating tax laws.
According to the statement issued by the Colombian State Council, the fine was imposed on Bancolombia for “inconsistencies and lateness on tax collection information on the behalf of its clients” that were sent to the National Tax and Customs Office (DIAN) in 2006.
The court reduced the fine from a previously settled $2.9 million sanction down to $1.7 million.
Local media reported that the order ultimately resolved a subsequent claim made by the bank for “annulment and reestablishment of the bank’s rights” regarding the 6-year legal tangle endured by the Tax Office and Bancolombia.
Bancolombia is Colombia’s largest commercial bank and one of the biggest banks in Latin America. Founded in 1945, the bank owns assets in Panama, Guatemala, and the Caribbean.