Bancolombia S.A. Announces the Filing of a Motion by the Procuraduria General de la Nacion

MEDELLIN, Colombia, June 17  /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia") announces that the prosecutor (Procuraduria General de la Nacion) filed a motion in connection with the ongoing criminal investigations against Mr. Jorge Londono Saldarriaga and Mr. Federico Ochoa Barrera, President and Vice-President of Bancolombia, respectively.  These investigations are related to the acquisition by Bancolombia (formerly Banco Industrial Colombiano S.A.) of Banco de Colombia S.A. and their subsequent merger.

The prosecutor's motion requests that the Attorney General (Fiscalia General de la Nacion) deliver an order ("preclusion order") barring the criminal investigation against both Mr. Londono Saldarriaga and Mr. Ochoa Barrera for the alleged crime of improper use of public funds. The motion also requests a preclusion order barring the criminal investigation against Mr. Ochoa Barrera for the alleged crime of fraud but recommends the continuation of such investigation against Mr. Londono Saldarriaga.

Bancolombia emphatically disagrees with the motion regarding the continuation of the criminal investigation against Mr. Londono Saldarriaga, on the grounds that (i) it exceeds the scope established by the Colombian Constitutional Court (Corte Constitucional) when it ordered the reopening of the criminal investigation and (ii) it contradicts  previous decisions of the prosecutor and the Attorney General, who have previously determined an absence of willful misconduct by Bancolombia's management in the transactions related to the acquisition of Banco de Colombia S.A. Bancolombia notes that the motion is not a final decision and that any final decision in this matter will be made by the Attorney General.

Bancolombia and its management will continue to follow the development of this investigation and will continue to enforce their rights before the competent forums. 

DATASOURCE: Bancolombia S.A.



CONTACT:  Sergio Restrepo, Executive VP, [phone], Jaime A.

Velasquez, Financial VP, [phone], or Juan Esteban Toro, IR Manager,

[phone], all of Bancolombia S.A.

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