Amidst liquidation, InterBolsa will repay investors nearly $44 million.
Jose Ignacio Arguello, the government official in charge of auditing InterBolsa, on Thursday announced that beginning next week approximately 18,000 InterBolsa investors will receive reimbursements from Colombia’s largest, failed brokerage firm.
Of the nearly $4 billion in capital InterBolsa has on hand, $44 million will be used to repay investors. This amount was determined by Arguello based on the number of customers and how much money the liquidated firm possessed.
“With the balance we received, we believe that all customer accounts…can be returned. Everything is here,” said Arguello.
As expected, InterBolsa shareholders will have to deal with the repercussions of the brokerage firm going belly up while investors will reportedly remain whole.
According to a report in El Espectador, InterBolsa’s problems stemmed from admittedly poor investment strategies, but the company maintains that contrary to recent reports, they never deceived the public.
Tribeca Asset Management and the Canadian-based Portland Holdings investment firms, who were rumored to be in advanced talks about obtaining InterBolsa, on Thursday withdrew their offers.
Arguello announced that the entire liquidation process should take no longer than two years.
