BD Bacata Building Ruling Could Return Nearly US$300,000 to Investor
Colombia’s Financial Superintendency ordered the return of 950 million pesos (about US$300,000) to an investor in the commercial section of Bogota’s BD Bacata project. Although the ruling sets a precedent for related investor claims, it does not mandate automatic refunds from Acción Fiduciaria for other affected parties. The Superintendency’s Judicial Division announced a finding of […]
Colombia's Financial Superintendency has ordered the return of nearly US$300,000 to an investor in Bogota's BD Bacata building project. The ruling sets a precedent for similar investor claims, but does not automatically compensate other affected parties. Acción Fiduciaria, the project's trustee, faces liability for allegedly mismanaging risks and economic viability in the building's commercial section.
The Superintendency found the fiduciary firm lacked experience in constructing and operating such a large-scale project, and questioned its professional duties in assessing the project's financial feasibility and anticipating risks. The damages awarded include inflation indexation. The investor, Jhon Morales, says Acción Fiduciaria will have 15 days to make the payment once the ruling becomes enforceable.
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