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Article: Bancolombia S.A Announces that the Colombian Supreme Court Decided to Temporarily Suspend the Decision of the Superior Court Which Annulled an Arbitral Award in Favor of Bancolombia.
- Article from:
- PR Newswire
- Article date:
- March 31, 2008
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MEDELLIN, Colombia, March 31 /PRNewswire-FirstCall/ -- On March 28, 2008, the Civil Chamber of the Colombian Supreme Court of Justice (the "Supreme Court") temporarily suspended the decision of the Tribunal Superior de Bogota (the "Superior Court") dated February 26, 2008, that annulled an award granted by an arbitral tribunal in March 30, 2006 (the "Arbitral Award") requiring Mr. Jaime Gilinski to pay Ps 63,216,447,152 to Bancolombia S.A. ("Bancolombia"). This amount included accrued interest and adjustments for inflation.
The arbitral tribunal that granted the Arbitral Award, had ruled in favor of Bancolombia, and the validity and enforceability of a guaranty ...