Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2020
Colombian watchdog fines Grupo Aval over bribery scheme
Fine or penalty
On December 28, 2020, Colombia's industry watchdog imposed a fine on Grupo Aval. The regulator cited bribery by Grupo Aval's subsidiaries Corficolombiana and Episol, together with Odebrecht, in connection with the Ruta del Sol II project. The action was reported as a fine over corrupting the free market.
Colombia’s industry watchdog imposed a fine on Grupo Aval on December 28, citing bribery by its subsidiaries Corficolombiana and Episol together with Odebrecht in connection with the Ruta del Sol II project.
Source excerpt
The latest fine is because two other subsidiaries, Corficolombiana and Episol, bribed officials together with Brazilian engineering firm Odebrecht in order to be granted the construction of one of Colombia’s biggest road infrastructure projects in history, the Ruta del Sol II.
The fine imposed on Luis Carlos Sarmiento’s Grupo Aval on December 28 came six weeks after one of its subsidiaries, Banco de Bogota, was fined by the banking watchdog for evading money laundering regulations.