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Colombia's finance minister under investigation for Isagen sale

Published 2016-02-25, 03:43 p/m
© Reuters.  Colombia's finance minister under investigation for Isagen sale
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BOGOTA, Feb 25 (Reuters) - 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 ISG.CN .
The government sold its majority stake in Isagen in January
to Canada's Brookfield Asset Management BAMa.TO 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.
Colombia plans to use the Isagen proceeds to fund highways,
bridges and tunnels across the country, its so-called 4G
infrastructure projects.


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