Ecopetrol CEO Roa Faces Scrutiny: US Authorities Alerted Over Influence Peddling Case
The legal proceedings against Ricardo Roa, Ecopetrol’s president, have intensified following accusations of influence peddling. Recent developments reveal that a key witness in the case involving the purchase of apartment 901 has reportedly spoken with authorities in the United States, adding a new layer to the investigation. This comes as Colombia’s top prosecutor formally charged Roa, sparking an urgent meeting of Ecopetrol’s board to assess the implications for the company’s leadership and future operations.
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Following the formal accusation, board members at Ecopetrol received urgent notification to convene a meeting, initially scheduled for Friday, but moved to Thursday evening to address the situation. The board’s primary concern centers on the potential impact of the charges on Roa’s position and the stability of Ecopetrol, particularly given a second set of charges pending on April 8th related to campaign finance violations stemming from his role in the 2022-2026 Petro presidential campaign.
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The Apartment 901 and Rojas
Audiencia de imputación a Ricardo Roa. Photo:Archivo particular
The board meeting, lasting over five hours, resulted in a statement affirming the board’s adherence to its fiduciary duties and established protocols. However, investigations revealed that the board directly addressed the implications of Roa’s situation with both Colombian and United States authorities. The focus has shifted from securing support for Roa’s continued tenure to fulfilling corporate governance requirements, including informing relevant authorities and the market.
Ricardo Roa negoció el apartamento en diciembre de 2022. Photo:Archivo particular
Roa himself addressed the board, expressing gratitude for support and presenting his account of the charges, which originated from an investigation by EL TIEMPO in December 2023 concerning the purchase of the luxury apartment 901 in northern Bogotá. The Fiscalía has confirmed that former police officer Juan Guillermo Mancera acted as an intermediary in the real estate transaction, later paying for the apartment in installments with no interest and at a price below market value.
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According to prosecutors, Roa allegedly exerted pressure and used his authority to secure a lucrative gas contract for a company linked to Mancera – Gaxi S. A. ESP – through a subsidiary of Ecopetrol, Hocol. The Fiscalía alleges this occurred months after the apartment purchase.
El excoronel de la Policía Juan Guillermo Mancera. Photo:Archivo particular
The apartment, valued at 2.727 billion pesos, was reportedly sold to Roa for only 1.800 billion pesos.
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Luis Enrique Rojas, a former president of Hocol, has emerged as a key witness for the Fiscalía. Roa has disputed the allegations and criticized the Fiscalía’s handling of the case.
‘Fifteen Meetings’
Estos son los pagos del apartamento 901 que hizo firma de Mancera. Photo:Archivo particular
While the Fiscalía initially documented three meetings where Roa allegedly pressured Rojas – two at Ecopetrol and one at the Flora restaurant – investigations reveal that Rojas has detailed fifteen such meetings in his statements, supported by chats and audio recordings. Rojas has also shared this information with authorities in the United States.
Esta es la escritura en la que Ricardo Roa aparece como comprador. Photo:EL TIEMPO
Rojas stated he has evidence to support his claims and is not at risk. He also mentioned that he was warned to leave the country if he continued to testify against those involved. He alleges he received a threatening phone call on February 28th from a number in the Netherlands.
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EL TIEMPO has reviewed chats allegedly involving Roa, his partner Julián Caicedo, and Mancera, related to the apartment purchase. Roa maintains the financial transactions are transparent and seeks to exclude Caicedo from the case.
Reporting to US Authorities
Luis Enrique Rojas Cuellar, presidente de Hocol. Photo:Hocol
Beyond adhering to protocols, Ecopetrol’s board has decided to inform authorities in the United States about the situation, given the company’s dual jurisdiction. Ecopetrol is subject to oversight by the Securities and Exchange Commission (SEC), the Division of Criminal Fraud (DOJ), and courts in the Southern District of New York.
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The board has also been warned of potential personal liability if they fail to implement proper oversight or disregard the alerts raised regarding Roa’s situation. The board has received advice from legal counsel regarding compliance with both Colombian and United States regulations.
Serafino Iacono, empresario petrolero. Photo:Archivo particular
The Fiscalía is expected to announce whether it will proceed with a trial against Roa regarding the apartment purchase and to present additional charges on April 8th related to campaign finance violations. President Petro has defended Roa against the allegations, while remaining silent on the latest developments.
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