Colombia Orders Arrest Of Bancolombia Execs

A Colombian judge has ordered the arrest of the president and vicepresident of the country’s largest financial institution Bancolombia. According to local media reports, Jorge Londoño Saldarriaga and Federico Guillermo Ochoa are wanted for questioning in relation to misuse of funds during the merger process in 1998 of Banco de Colombia with Banco Industrial Colombiano. Several minority shareholders have launched a claim against bank executives who, they claim, defrauded them of profits.