Santos faces public outrage, a political storm and criminal charges over Isagen stake sale
Santos faces public outrage, a political storm and criminal charges over Isagen stake sale
Posted by Adriaan Alsema on Jan 14, 2016
The highly controversial sale of the government’s majority stake in energy company Isagen means major legal trouble for President Juan Manuel Santos and his finance minister, who are the target of public outrage and major political opposition.
The government sold its 57% stake in the company for $2 billion to Canadian hedge fund Brookfields in spite of a vast majority of Colombians and their representatives in Congress opposing the sale.
Both the Comptroller General’s Office and the Inspector General’s Office claiming that the sale of Isagen to finance infrastructure projects would eventually lead to a $700 million loss for the treasury.
The news of the sale infuriated Colombians. While thousands expressed their rage on social media, hundreds gathered before the stock market in the capital Bogota to protest the sale of the company that provides 17% of the country’s energy while, until Wednesday, adding an annual $133 million to the treasury.
More:
http://colombiareports.com/160857-2/