InterBolsa, formerly the largest brokerage firm in Colombia, said on Thursday that it has returned 78% of the firm’s assets to its clients.
Arguello Ignacio Andrade, an InterBolsa liquidation agent, on Thursday told Colombia’s Financial Superintendent that $118.8 billion in dividends, bonds and securities have been returned to 5,827 clients to date.
An investigation into whether or not the brokerage firm has committed tax evasion opened up after the Comptroller General’s office identified significant shortcomings in tax control.
InterBolsa President Rodrigo Jaramillo has become embroiled in a scandal after investigations opened up over whether the company he led engaged in tax evasion, stock manipulation, and lack of transparency.
The company was liquidated after it failed to make a payment on an $11 million loan, which exposed possible criminal activity within the Colombian firm.