Colombia’s regulatory agency, the Superintendency of Corporations, has auctioned off Interbolsa Panama, the first of Interbolsa’s companies to be sold since the brokerage firm was liquidated, reported local media Thursday.
The Mexican stock brokerage firm IPG bought the subsidiary at auction for $2.1 million.
Another Interbolsa subsidiary, Acercasa, was also auctioned off for just over $1.1 million, to Kandeo Fund Capital.
Until recently Interbolsa was Colombia’s largest brokerage firm, until the corporation failed to pay back an $11 million loan in November, which pushed the corporation into freefall.
What began as a story of simple business mismanagement has grown into Colombia’s largest financial scandal of recent times. The government is currently investigating Interbolsa for possible tax evasion, stock manipulation and lack of transparency, and top government officials have since been implicated in the scandal.
Interbolsa are reported to still have assets in Panama, Brazil and the US which are also to be liquidated.