Interbolsa Loaned $45 Million to Fabricato Activist, Munoz SaysChristine Jenkins
Interbolsa SA, the financial firm seized by the Colombian government after its brokerage collapsed last year, had loaned more than 80 billion pesos ($45 million) to an activist investor who was amassing shares in a textile company, head liquidator Pablo Munoz said.
The investor, Alessandro Corridori, used part of the funds to buy shares in the textile maker, Fabricato SA, Munoz said in an interview today with CM& Television. Corridori was part of an investor group trying to gain influence or control over Medellin-based Fabricato, he said.
“The center of gravity of Interbolsa’s activities became this reprehensible drive to take over Fabricato by any means,” he said. Some of Corridori’s obligations are past due, Munoz said.
Colombia said last month it would liquidate Bogota-based Interbolsa after its brokerage, formerly the biggest in the country, was seized by the government in November. Munoz was named by regulators to lead the liquidation of the parent company.
The outlook for Interbolsa creditors is “bleak” since loans including Corridori’s will be hard to recover, Munoz said. “There’s going to be a big hole here.”
Interbolsa held Fabricato shares, according to Fabricato regulatory filings.
Munoz didn’t return a call for comment. Corridori didn’t return an e-mail or call seeking comment.