EM LATAM CREDIT: Ecopetrol: Corruption Scandal - Negative
(ECOPET; Ba1/BB+neg/BB+neg)
"Ecopetrol paid $42 million for plants that could have been free: the twists and turns of the Termomorichal scandal" - El Colombiano
Investigative journalism from local news outlets reporting that Colombia's government-controlled energy company Ecopetrol paid USD42mn for two power plants that it should legally have taken ownership of for free.
The article alleges that CEO Ricardo Roa had multiple conflicts of interest influencing the decision to make that payment. The Colombia Prosecutor's office is investigating the company and its CEO for other allegations as well.
Please see link for full article:
https://www.elcolombiano.com/negocios/ecopetrol-pago-42-millones-dolares-por-plantas-electricas-BI27587666
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FED: US TSY 13W BILL AUCTION: HIGH 4.220%(ALLOT 49.78%)
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FED: US TSY 26W BILL AUCTION: HIGH 4.090%(ALLOT 14.42%)
- US TSY 26W BILL AUCTION: HIGH 4.090%(ALLOT 14.42%)
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- US TSY 26W BILL AUCTION: INDIRECTS TAKE 67.08% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.52
