January 24, 2021

Duque expects that the shares foreclosed on Inassa will soon have a new owner

Duque expects that the shares foreclosed on Inassa will soon have a new owner



Colombian President Iván Duque announced today that the government hopes to "quickly resolve" how the actions that the Prosecutor's Office seized the Spanish company Inassa in the company Triple A will be handled so that they soon have a new owner.

This was stated by the president in an act in the municipality of Malambo, neighbor of Barranquilla, two weeks after the Prosecutor's Office began the seizure of shares for 202,000 million pesos (about 65.7 million dollars) of Inassa in Triple A, which correspond to 82% of the capital of the latter.

"We want to be able to quickly resolve how those assets are going to be managed so that they have a new owner," Duque said, adding that he will work with the mayor of Barranquilla, Alejandro Char, to "define how those next steps are managed and that quality is preserved. of that company. "

Triple A, which manages the public services of Barranquilla, the main city of the Colombian Caribbean, is owned by Inassa, a Latin American subsidiary of the Spanish public company Canal de Isabel II.

The Prosecutor ordered last October 4 the seizure of the assets of Inassa and sanctions for eight managers and former directors, several of them Spanish, because from 2000 to 2017 alleged fraudulent payments were ordered through a "technical assistance contract" .

According to the investigations of the Office of the Prosecutor, those payments would have caused a patrimonial detriment close to 236.853 million pesos (about 76.8 million dollars).

The contract dates back to September 4, 2000, when Inassa and Triple A agreed to deliver 4.5% of the monthly collection of sewerage, water supply and cleaning services in exchange for an alleged assistance in commercial, operational, administrative and technique.

The researchers calculate that in 17 years of validity of said contract the millionaire sum would have been paid, value that updated with the Consumer Price Index (CPI) would reach more than 329,000 million pesos (about 107 million dollars).

According to the entity, there is evidence of "irregular diversion of resources to benefit third parties", among them Canal Extensia S.A., of the Canal Isabel II group; and the Panamanian company Slasa, "that presumably received the money in money orders that came to a compensation account in Miami."

For all these reasons, he forbade leaving the country and imposed fines on Spaniards Francisco Olmos Fernández Corugedo, ex-manager of Triple A, and Francisco Javier Malia Baro, former general manager of Inassa, among others.

The Colombian president reiterated that "Triple A has been a company that has been characterized by good administration, for the good provision of the service" and that therefore will establish "a board of the highest quality" to "continue to be at the forefront and overseeing the administration of those resources. "

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