Market: Colombia

Four provisions of Law 633 of 2000 (tax reform) have been declared unconstitutional by the Colombian Constitutional Court

As a result of an unconstitutionality suit, on 19 September the Colombian Constitutional Court declared that the tax reform of year 2000 (Law 633) is constitutional.

19 October 2001

Brigard & Urrutia assists in US$170-million debt restructuring

Brigard & Urrutia Abogados has acted as lead transaction counsel for the financial and corporate restructuring of the US$170-million debt of a 400MW generation project in Colombia. The restructuring documents were executed in three stages and the process succesfully completed during the second week of September.

28 September 2001

Colombia passes new law for the exceptional treatment of territorial regimens

The government of Colombia has sanctioned Law 677, which creates so-called special economic zones for exportation within the frontier municipal territories of Buenaventura, Cúcuta, Valledupar and Ipiales and its metropolitan areas.

28 September 2001

New rules on the approval of restrictive agreements and mergers and acquisitions

By means of Circular Letter No. 10 of August 6, the Superintendency of Industry and Trade (Colombian Competition Authority) has set out new terms and conditions for the approval of restrictive agreements, integrations, mergers and acquisitions.

28 September 2001

Colombian firms join forces

As of October 16, Zuleta, Garrido, Araque & Jaramillo and Acosta & Carrizosa move into a new joint office space.

20 September 2001

Special antitrust regulations for Colombia's aviation industry

Early in 2001 the two main Colombian airlines, AVIANCA and ACES, announced their decision to merge operations in response to financial conditions and structural changes in the market. The merger is the most important operation of its kind in Colombian history.

20 September 2001

Government approves reform of Public Services Law (142/1994)

The Colombian government has given its approval to Law 689 amending the Public Services Law, which will come into effect on October 28. As of that date, state entities that provide a public service will no longer be required to contract under the State Contracting Statute (Law 80 of 1993). This will certainly simplify the current contracting process with the remaining state-owned public services companies, since as from the end of November these public companies will be able to freely contract with third parties under the general commercial regulations for private companies.

20 September 2001

Zuleta, Garrido, Araque & Jaramillo defends Merck & Co

Colombian firm Zuleta, Garrido, Araque & Jaramillo has successfully defended US-based medical research/pharmaceutical company Merck & Co in a constitutional action filed by Tecnoquímicas SA before the Supreme Court of Colombia.

14 September 2001

New law offers investment opportunities in export zones

Colombian Government on August 4, creates special economic zones dedicated to export activity within the border districts of Buenaventura, Cúcuta, Valledupar and Ipiales and their metropolitan areas. The Government is empowered to regulate the new law and to extend special zone status to other border areas.

14 September 2001

Compulsory sale of shares 'unconstitutional'

Colombia's Superintendency of Companies has issued an opinion that may affect clauses contained in the by-laws of Colombian companies or in shareholders agreements. They relate to remedies that other shareholders or partners may have recourse to in the event of a breach by another shareholder or partner of its obligations, such as dilution or mandatory transfer clauses.

14 September 2001

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