MEDELLIN, Colombia, Dec. 2 /PRNewswire-FirstCall/ -- Bancolombia announces that:
1. The Colombian 15th Civil Circuit Court of Bogota (Juzgado 15 Civil del Circuito) has issued a preliminary injunction seizing COP 56 billion held in one of Bancolombia's accounts with Colombia's Central Bank, and certain furniture, fixtures and one real estate property.
2. These measures do not have any effect on the Bank's normal business operations, and our account at the Colombian Central Bank, including all remaining funds, remains active and available.
3. This controversy will be addressed in the judicial arena. Accordingly, we will present a performance bond and will use all legal means available to defend Bancolombia in this process, as we are confident that we have proceeded correctly with regard to the matter in question.
4. This injunctive relief is based on an award issued in connection with a class action promoted by Mr. Luis Alberto Duran. It is important to note that Bancolombia fully complied with the award by paying the required amounts to the relevant stockholders party to the class action and all those who came forth within the term established by law.
5. If this injunctive relief was granted in connection with any legal action taken by stockholders that did not participate in the class action or that did not register their interest within the term established by law, their action would not have been filed in a timely manner and would not have any legal basis. While we are still investigating, if this is the case, we will present this argument to the presiding judge.
6. Additionally, if among the plaintiffs there are stockholders who were already paid in connection with previous legal actions indemnity, their pretensions would also lack any basis, and consequently, the Bank would use legal means to challenge such allegations.
7. The measures adopted by the Colombian Civil Circuit Court are disproportionate in relation to the matters that are currently the subject of the controversy.
8. Finally, the Bank is considering taking penal actions for abuse of law and for all the irregularities that have occurred in this process which has extended for more than 10 years.
Bancolombia and its directors reiterate their intention to continue acting, as they have done through all these years, with complete transparency and full compliance with applicable law. We are confident that our legal position will completely clarify this situation.
Contacts Sergio Restrepo Executive VP Tel.: (574) 4041424 Jaime A. Velasquez Financial VP Tel.: (574) 4042199 Juan E. Toro IR Manager Tel.: (574) 4041837
Bancolombia
CONTACT: Sergio Restrepo, Executive VP, +011-574-4041424, or Jaime A.
Velasquez, Financial VP, +011-574-4042199, or Juan E. Toro, IR Manager,
+011-574-4041837, all of Bancolombia
Web site: http://www.bancolombia.com.co/
