MEDELLIN, Colombia, Aug. 3 /PRNewswire-FirstCall/ -- The Superintendency of Commerce and Industry issued Resolution 23299, whereby it imposed on Bancolombia S.A. ("Bancolombia") a fine in the amount of Ps 207 million (approximately US$ 105,737) (1). The fine was imposed in connection with a request for information made in an administrative proceeding in which Bancolombia is not involved, and which we consider inappropriate pursuant to the applicable law.
Pursuant to the applicable law, the decision that imposes the fine could be appealed.
(1) Exchange rate August 3, 2007 Ps 1,957.68 = US$ 1
