Colombia's finance minister under investigation for Isagen sale
| Thu Feb 25, 2016 8:43pm GMT
Colombia's finance minister under investigation for Isagen sale
BOGOTA
Feb 25 Colombia's attorney general's office said on Thursday it has opened a preliminary investigation into Finance Minister Mauricio Cardenas for supposed irregularities in the recent $2 billion privatization of power generator Isagen.
The government sold its majority stake in Isagen in January to Canada's Brookfield Asset Management for 6.49 trillion pesos. Brookfield valued the sale at $2.2 billion.
The investigation began after a citizen group dedicated to advocating for public resources accused Cardenas of illegally selling the company and shirking his duties as a public servant.
The ministry said Cardenas had not yet been formally informed of the investigation.
Cardenas could face criminal charges and jail time should the investigation reveal wrongdoing.
More:
http://uk.reuters.com/article/colombia-minister-idUKL2N16422C?rpc=401
[center]
Berkeley-educated economist Mauricio Cardenas pledged to use “all necessary tools” to protect Colombia’s economy
from a rally in the peso after he was appointed Finance Minister yesterday. Photographer: Paul Smith/Bloomberg [/center]