The arbitration court of the Spanish financial institution AFC Investment Solutions against Colombia, constituted in the International Center for Settlement of Investment Disputes (ICSID), has decided to totally dismiss the claims of the former.
According to the ICSID portal, the lawsuit, in which AFC demanded 50 million dollars, originated in relation to the forced liquidation of the financial entity Compañía de Financiamiento SA, involved in 2015 in a criminal investigation for irregularities in the control of their clients’ savings and money laundering.
The tribunal, formed by Bernardo Sepúlveda Amor (president), appointed by the president of the ICSID Administrative Council; and the co-arbitrators Sabina Sacco (appointed by the plaintiffs), and Dyalá Jiménez Figueres (appointed by the defendant), have dismissed the lawsuit for filing after the deadline.
In addition, the arbitration panel orders AFC Investment to bear the arbitration costs of $146,000.
In 2015, an investigation began into Cándido Rodríguez Losada and Javier José Ardura Gómez, owners of AFC Investment Solutions SL, and in turn majority shareholders of Compañía de Financiamiento SA based in Colombia, which was intervened by the Financial Superintendence and forcibly liquidated before a criminal investigation for irregularities in the control of the savings of its clients and money laundering.
The amount investigated was 365,000 million pesos (more than 112 million euros). The firm JA Cremades & Partners (Paris) represents the plaintiff.
Source: Larepublica
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