Billionaire Sarmiento’s Group to Pay $60 Million in US Probe (1)

Firms controlled by the billionaire Sarmiento family of Colombia agreed to pay fines of about $60 million to the US Securities and Exchange Commission and the Justice Department for bribes paid by one of its units for a highway project dating back nearly a decade.

Grupo Aval Acciones y Valores SA and its subsidiary Corporacion Financiera Colombiana SA, known as Corficolombiana, agreed to pay $40 million to the SEC to settle investigations and another $20 million to the DOJ to settle criminal charges, according to an SEC statement.

A section of the Ruta del Sol highway.

Source: Odebrecht S.A.

Aval’s American depositary receipts fell 3.79% in New York while Corficolombiana ...