MEDELLIN, Colombia, July 31 /PRNewswire-FirstCall/ -- Bancolombia S.A. ("Bancolombia" NYSE: CIB) announces that today the Attorney General's office delivered a preclusion order barring further criminal investigations into the alleged crimes of fraud and improper use of public resources against Jorge Londono Saldarriaga and Federico Ochoa Barrera, President and Vice-President of Bancolombia, respectively, in connection with the acquisition by Bancolombia (formerly Banco Industrial Colombiano S.A.) of Banco de Colombia S.A. and their subsequent merger (the "Acquisition"). This decision reaffirms the Attorney General's finding in July 2004 that no evidence of criminal behavior existed against Bancolombia's directors and confirms that they acted in accordance with existing laws. In addition, today's decision by the Attorney General is consistent with the decisions adopted by various arbitral tribunals, Colombian administrative entities and judicial authorities in the United States, all of which have acknowledged the absence of fraudulent conduct in connection with the Acquisition. DATASOURCE: Bancolombia S.A. CONTACT: Sergio Restrepo, Executive VP of Bancolombia S.A., +574-404-1424

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