As a final-instance ruling, the decision exhausts all ordinary appeals within Colombia’s judicial system

The Supreme Court of Colombia has upheld the 28-year-and-four-month prison sentence imposed on Santiago Uribe Vélez, brother of former President Álvaro Uribe, for aggravated homicide, founding a paramilitary group, and aggravated criminal conspiracy, ending a judicial process that lasted more than three decades.

The decision was issued in ruling SP499 on June 3, 2026, in which the country’s highest court ratified a November 2025 verdict by the Antioquia Superior Court. That court concluded that Uribe Vélez led the paramilitary group known as Los 12 Apóstoles, an illegal organization that operated in northern Antioquia during the 1990s.

“The Supreme Court has confirmed the conviction of my brother Santiago. This is a devastating matter for my family,” former President Álvaro Uribe wrote on X after the ruling became public.

Jaime Granados, attorney for both Santiago Uribe and the former president, described the ruling as “unjust” in a public statement, although he acknowledged that it must be “respected and complied with.” Granados also said he would continue defending his client’s innocence despite the fact that the Supreme Court’s decision exhausts all ordinary appeals within Colombia’s judicial system.

Los 12 Apóstoles and the killing of Camilo Barrientos

The full court concluded that Santiago Uribe was one of the leaders of Los 12 Apóstoles, a paramilitary organization accused of carrying out a systematic campaign of killings in coordination with state agents, a practice historically referred to in Colombia as “social cleansing.”

One of the central events in the case was the killing of Camilo Barrientos, a bus driver who was shot by hired gunmen on February 25, 1994, in Antioquia after being falsely accused of collaborating with guerrilla groups.

According to the ruling, the homicide formed part of a broader strategy aimed at persecuting and eliminating individuals considered undesirable or allegedly linked to insurgent organizations.

A judicial process lasting more than 30 years

The investigation against Santiago Uribe dates back to 1995, when judicial proceedings first began regarding the creation and operation of Los 12 Apóstoles.

According to court records, the organization was allegedly created in 1992 by ranchers and business owners in northern Antioquia with the stated objective of providing a form of “private justice” in response to the presence of illegal armed groups in the region.

Authorities maintain that the group carried out a systematic campaign of killings in municipalities including Campamento, Yarumal and Valdivia, targeting people labeled as common criminals, drug users or alleged guerrilla collaborators.

The investigation was initially closed in 1999. However, the case was reopened years later following new testimony, including statements by retired National Police Maj. Juan Carlos Meneses, who in 2010 once again linked Santiago Uribe to the paramilitary organization.

From acquittal to final conviction

Santiago Uribe was acquitted in November 2024 by Judge Jaime Herrera Niño, who acknowledged the existence of Los 12 Apóstoles but concluded that prosecutors had presented evidentiary inconsistencies and that several witness testimonies lacked sufficient reliability to support a conviction.

By that time, Uribe had already spent two years in detention between 2016 and 2018 under a preventive custody order.

The situation changed in November 2025, when the Antioquia Superior Court overturned the acquittal and concluded that the defendant had led a criminal organization, sentencing him to 28 years and four months in prison.

The Supreme Court’s decision now fully upholds that sentence and definitively establishes the criminal responsibility of the former president’s brother.

Although the ruling concerns only Santiago Uribe Vélez, the case has had broader political repercussions because of the public prominence of his family. Former President Álvaro Uribe, one of the most influential figures in Colombian politics over the past several decades, has repeatedly denied any connection to paramilitary groups.

To date, no judicial authority has convicted the former president of crimes related to such allegations. However, more than 25 judicial proceedings connected to his alleged political links to paramilitary groups have remained open in recent years.

One of the most prominent cases involving former President Álvaro Uribe originated from complaints filed by current presidential candidate Iván Cepeda, alleging witness tampering in criminal proceedings and procedural fraud. Although Uribe was convicted in a lower court in 2025, he was later acquitted by a higher court, meaning the case did not result in a final conviction.

With the Supreme Court’s decision, the case against Santiago Uribe Vélez is now closed within Colombia’s ordinary judicial system.

Both Iván Cepeda of the Pacto Histórico coalition and Abelardo de la Espriella of the Salvación Nacional movement would face significant governability challenges if elected Colombia’s next president in the June 21, 2026, runoff election.

While much of the political debate has focused on each candidate’s ability to build congressional majorities, governability will also depend on other institutional and political factors, including the role of the Constitutional Court, judicial oversight mechanisms and the capacity of their respective political bases to mobilize public support.

Beyond legislative alliances and governing coalitions, Colombia’s next president will have to navigate a complex system of checks and balances as well as a highly polarized society, where government decisions are likely to face scrutiny from the country’s highest courts and pressure from competing social and political groups.

The role of the Constitutional Court

Colombia’s Constitutional Court is composed of nine justices elected by the Senate for eight-year terms from slates submitted by the Supreme Court, the Council of State and the president.

The court is currently viewed as having a predominantly progressive orientation, a factor that could favor Cepeda, particularly because he would have the opportunity during his term to nominate candidates for future vacancies, adding to justices appointed during Petro’s presidency.

Several vacancies are expected during the next presidential term, allowing the incoming president to participate indirectly in the renewal of part of the court. However, no president controls the court’s composition on their own or can guarantee its rulings.

Recent experience also demonstrates that legislation approved by Congress may later face constitutional review. Several reforms promoted by Petro’s administration have encountered judicial scrutiny, particularly pension reform, which remains under review by the Constitutional Court and has also faced setbacks before the Council of State.

Recent experience also demonstrates that legislation approved by Congress may later face constitutional review. Several reforms promoted by Petro’s administration have encountered judicial scrutiny, particularly pension reform, which remains under review by the Constitutional Court and has also faced setbacks before the Council of State.

Governing a divided country

Beyond institutional dynamics, the next president will have to govern a politically fragmented society. The concentration of votes around two ideologically opposed candidates reflects a deeply divided electorate.

One of the major questions will be the role of citizen mobilization. Given the country’s political fragmentation, whoever wins will likely face strong opposition that could manifest itself through demonstrations, protests and sustained social mobilization.

In that context, issues such as control over security forces, an area generally associated with De la Espriella’s platform, and the capacity to mobilize social movements, often linked to Petro and Cepeda’s political base, are likely to remain important factors.

At the same time, the president retains significant tools of power, particularly the ability to set budget priorities and direct government action through executive decrees, appointments and public policies.

Presidential decrees provide considerable flexibility in implementing policy initiatives, although any administration must still contend with judicial oversight, including constitutional review by the courts and legal challenges brought before bodies such as the Council of State.

The government also controls the national budget and public spending priorities, which can shape the future of social programs such as subsidies for farmers, people living in extreme poverty and older adults, or, alternatively, increase funding for the military and police.

A political system that imposes constraints

Regardless of who wins the June 21 runoff, the next president will govern within a system of checks and balances that regulates both the functioning of government and any attempt to modify laws or the Constitution, regardless of political ideology.

The next administration will therefore operate within an institutional framework that limits the concentration of power and requires continuous negotiation among political actors.

In addition, Colombia’s Constitution explicitly prohibits presidential reelection and limits each term to four years, a factor that reduces the likelihood of far-reaching structural changes without sustained legislative and judicial support.

The first round of Colombia’s presidential election, held on May 31, 2026, set the stage for a highly competitive runoff on June 21. Far-right candidate Abelardo de la Espriella won 43.7% of the vote (10,361,473 ballots), while ruling-party leftist candidate Iván Cepeda secured 40.9% (9,688,348 votes).

The difference between the two candidates was 673,125 votes, equivalent to 2.84% of the total, a relatively narrow margin that points to a closely contested runoff in a highly polarized political environment.

For De la Espriella, the election marks an unprecedented moment in recent Colombian political history: it is the first time a far-right candidacy has reached a presidential runoff with a realistic chance of winning the presidency. For Cepeda, the race represents an opportunity to continue the political project launched by President Gustavo Petro, the first democratically elected left-wing president in Colombia’s history.

A system designed to limit presidential power

Colombia now finds itself divided between two political visions that appear difficult to reconcile. Regardless of who wins, the next administration is likely to face a period marked by political division, social mobilization and sustained confrontation, reflecting the concentration of support behind two ideologically opposed movements.

Beyond ideological differences, however, the key question for markets, institutions and the international community is how governability would function under either scenario.

Colombia operates under one of Latin America’s most stable institutional frameworks, built on a system of checks and balances among the executive, legislative and judicial branches. This structure has allowed for political alternation, regular elections and the absence of prolonged institutional breakdowns throughout the country’s contemporary history.

In that context, neither candidate has a clear path to implementing major structural reforms without building broad political agreements.

De la Espriella would begin with legislative disadvantages

De la Espriella enters the runoff as the frontrunner after winning the first round, but he faces a significant legislative constraint. His political movement, Salvación Nacional, secured only three seats in the Senate and one seat in the House of Representatives, a level of representation insufficient to pass major reforms without broad congressional coalitions.

Colombia’s Congress consists of 103 senators and 183 representatives. Depending on the type of legislation, bills require simple majorities, absolute majorities or, in the case of constitutional amendments, support equivalent to two-thirds of both chambers.

Given that reality, a De la Espriella administration would depend heavily on alliances with other political forces. His first major endorsement came from Centro Democrático, the party of former President Álvaro Uribe, which holds 46 congressional seats (17 in the Senate and 29 in the House).

He could also seek agreements with conservative parties such as the Conservative Party (29 seats), Cambio Radical (19) and the Party of La U (19).

Even so, legislative arithmetic suggests that each reform would require separate negotiations and continuous political bargaining, including with smaller parties, potentially increasing political costs for the executive branch, as has occurred under Petro’s administration.

Even so, legislative arithmetic suggests that each reform would require separate negotiations and continuous political bargaining, including with smaller parties, potentially increasing political costs for the executive branch, as has occurred under Petro’s administration.

De la Espriella remains far from the numbers needed to secure congressional majorities. As a result, he could seek to appeal directly to voters through referendums or popular consultations. However, such mechanisms involve lengthy procedures and have not always been successful because of participation thresholds and voting requirements.

Examples include former President Juan Manuel Santos’ 2016 peace plebiscite, which reached the participation threshold but was rejected by voters, the 2018 anti-corruption consultation, which failed to obtain enough votes to enact legislation, and former President Álvaro Uribe’s 2003 referendum proposal aimed at reducing the size of the state. For those reasons, this route appears difficult to pursue successfully.

Cepeda would have a broader legislative base

Cepeda’s situation would be different, though not necessarily easier, since he also lacks an outright congressional majority.

In fact, reaching the runoff already represents a significant achievement given that he finished second in the first round. A similar situation occurred in 2014, when Juan Manuel Santos overcame a first-round deficit through multiple political alliances and a campaign centered on national unity around the peace process.

Cepeda is backed by the Pacto Histórico coalition, which emerged as the largest political force in the new Congress with 64 seats across both chambers. Additional support could come from center-left groups such as Alianza por Colombia (20 seats), representatives elected through the Special Peace Constituencies (16 seats), and other smaller progressive parties.

Although that configuration would bring him closer to legislative majorities, it would still fall short of guaranteeing automatic approval of complex reforms.

Petro’s administration offers a useful precedent. Through temporary political agreements, it managed to pass several significant initiatives, including labor reform measures, peace-related policies and a tax reform package. However, it struggled to advance more ambitious projects, including healthcare reform, agrarian and land policies, and the consolidation of the Ministry of Equality.

Cepeda would also inherit part of the political burden associated with the current administration, particularly on issues related to security, public health and economic management.

Proposals such as a future constituent assembly, an initiative championed by Petro, have already generated opposition among political rivals and segments of the electorate, potentially creating additional challenges for a Cepeda administration.

Under either scenario, the next president will need an Interior Minister capable of navigating Congress and building multiple legislative agreements for each major policy initiative.

Editor’s note (updated 2026): This article was originally published in 2020 during the COVID-19 public health emergency, when the Colombian government introduced a series of temporary measures affecting visa applications, renewals, and migratory procedures. At the time, restrictions on mobility and in-person services required significant adjustments to standard immigration processes, including the suspension of deadlines and the implementation of virtual procedures. The information below reflects the legal and administrative context in place during that period.

According to experts and attorneys at expatgroup.co, Colombia’s foreign ministry and immigration authority, Migración Colombia, have taken measures to accommodate those foreign nationals who find themselves within Colombia’s borders during the Coronavirus COVID-19 Pandemic and the associated travel restrictions. Expatgroup.co’s Jaime Aristizabal shares these insights with Finance Colombia readers:

This new National Sanitary Emergency has forced us to change our plans and even our way of life. In this sense, Colombian Authorities recently modified some procedures for the benefit of all, by flexibilizing visa expirations, providing visitors in Colombia the legal basis they need to adapt to the situation and plan their flights home.

There were two recent resolutions aimed at accommodating foreign visitors in Colombia. The first, issued in March by Migration Colombia, was a resolution targeted towards tourists having to extend their periods in the country due to the declared COVID-19 National Sanitary Emergency, and in April, the Foreign Affairs Ministry pronounced a hold on visa expirations.

The first came out of Migration Colombia, and was used mostly in Colombia by tourists for extensions, safe passage documents, and other administrative migration-related procedures, which, very similarly to the above, the time lapse of the visa is extended until the sanitary emergency is over.

Tourists who stay in Colombia need not fear any infractions derived from their visa status or legal status in the country. For a specific legal basis Foreigners may refer to the articles of the resolution as summarized below.

The purpose of this is for foreigners in Colombia to relax during these troubled days of the Coronavirus and the adaptation to new staying and flying procedures. We are always pleased to update foreign nationals in Colombia and all our clients at expatgroup.co. Our group of professionals steadily updates us with the Government resolutions and communications regarding the new conditions which the immigration service of the Republic of Colombia will enforce for the remainder of the State of Sanitary Emergency declared this current year:

 Immigration resolution 0918 of March 19th, 2020 pronouncements:

Resolution by which temporary extraordinary COVID-19 measures are adopted for the provision of immigration procedures and services at the national level:

Article 1. Suspension of the Validity Terms of the Permanent Safe-conducts (SC-2):

It provisionally suspended the accounting of the validity time of some of the Permanent Safeguards or Safe-conducts (SC-2) in force as of the date of this resolution, until May 30, 2020, inclusive, or until the term established by the National Government for the sanitary emergency.

The Safe-conducts to which the suspension will be applied are the following:

1.By Provisional or conditional release or order of the competent authority.

2.To solve administrative situations.

3.For discretionary criteria in the opinion of the immigration authority, as long as they are related to human rights and fundamental rights of their applicants. The situation in each particular case must be motivated through an administrative act.

4.A foreigner born in Colombia.

Exceptions are the SC-2 Permanence Safeguards to request and/or change visa and recognition of refugee status.

Article 2. From the Visa Registration and Issuance of Immigration Certificate:

The immigration authority may grant an opportunity to amend or refrain from initiating administrative action because there are grounds exempt from liability, as the case may be, in the terms provided in Resolution 1238 of 2018 to foreigners that on the occasion of the preventive isolation ordered by the national government to prevent the spread of COVID-19, has not been possible for them to carry on within the established terms in Decree 1743 of 2015 the registration of the visa and/or requested the Foreigner ID issuance.

Article 3: Of the Extensions of Permanence:

It provisionally suspended the accounting of the time of validity of the extensions of permanence or Temporary Permits of Permanence, as of the date of this resolution, until May 30, 2020, or until the term established by the National Government for the health emergency is met.

Article 4. Of the Special Permission to Stay (PEP):

The Special Administrative Unit for Migration Colombia will provisionally suspend the accounting of the time of absence for the cancellation of the Special Permits to Stay for the reason enshrined in number 4 of article 6 of Resolution 5797 of 2017, until May 30, 2020, or until the term established by the National Government for the health emergency is fulfilled.

Article 5. From the Otpas Activities Permit (POA):

It suspended the term of stay in national territory, foreigners who have been granted a POA type Entry and Permanence Permit, up to 30 calendar days, for any of the activities described in number 3 of article 13 and in accordance with the term established in Article 14 of Resolution 3167 of 2019, except for the permission granted by Shore Pass to the Members of Maritime or River Crew, until May 30, 2020 or until the term established by the National Government for the health emergency is met. .

Article 6. Regarding Temporality:

Before the expiration of the term stipulated herein and based on what the National Government determines, Colombia Migration as the authority for the surveillance and control of immigration and aliens of the Colombian State, will determine the continuity or not of this measure.

Article 7. Regarding face-to-face procedures:

The Regional Directors will be in charge of coordinating general public access to the Migration Colombia facilities so that the corresponding procedures for foreigners can be carried out, as well as evaluating and determining the provision of services in an extraordinary way outside their facilities. , in accordance with the preventive, obligatory, and transitory measures established in Resolution 385 of 2020 of the Minister: 3 of Health and Social Protection and other regulations that modify, add, complement, or clarify it.

Article 8. Regarding Validity:

The present resolution governs from the date of its publication and is above all provisions that are contrary to it.

Current Status of Visa and Migration Procedures in Colombia (2026)

As of 2026, the temporary measures implemented during the COVID-19 emergency are no longer in effect. Colombia has fully resumed standard visa and migration procedures, with in-person services reinstated and normal processing timelines applicable. Foreign nationals seeking assistance with current processes may consult updated requirements or access professional visa services to ensure compliance.

Visa applications can once again be submitted both within Colombia and through consulates abroad, depending on the visa type. Extensions and renewals are subject to the usual legal requirements, and automatic deadline suspensions granted during the pandemic no longer apply. Applicants are encouraged to review current procedures or obtain personalized guidance when managing renewals or status changes.

Travel restrictions related to COVID-19 have been lifted, and entry into Colombia is governed by standard immigration regulations. Foreign nationals should verify current visa requirements and may benefit from professional support when navigating entry conditions, documentation, or application processes, as pandemic-related exceptions are no longer recognized.

For up-to-date information and reliable support with visa applications, renewals, and migration procedures in Colombia, professional guidance is essential. Expatgroup.co offers comprehensive immigration services tailored to current regulations and individual needs. Explore available services to ensure compliance and a smooth application process.

• Website: https://expatgroup.co/
• Sales email: [email protected]
• WhatsApp/Telephone: https://wa.me/19547993692

Colombia growth tracker signals Q2 acceleration above first-quarter pace

Colombia’s economy showed signs of acceleration in the rolling quarter ended in May 2026, according to the latest NowCast Bancolombia report published June 3 by Grupo Cibest, the quantitative research arm of Bancolombia (NYSE: CIB, BVC: BCOLOMBIA). The proprietary economic activity index registered a year-over-year expansion of 2.9% on a three-month moving average basis for the March–May 2026 period, up from 2.2% recorded in the comparable period a year earlier and an improvement of 30 basis points over the prior month’s reading, which was itself revised upward by 30 basis points from an initial estimate of 2.3%.

The report’s authors describe the result as marking a shift in the growth trend, with second-quarter 2026 conditions appearing more favorable than those observed in the first quarter. On a seasonally adjusted month-over-month basis, however, the index showed no change from the prior month, registering 0.0%. On a year-over-year basis using the original, non-seasonally adjusted series, growth came in at 2.2% for May 2026.

For the full second quarter of 2026, the NowCast model projects year-over-year GDP growth of 2.6%, based on the May 31 reading. That estimate is slightly below the market consensus tracked by Latin Focus Consensus Forecasts, which has held steady at 2.7%. The NowCast estimate for 2Q26 was revised up from 2.4% as of April 30.

The NowCast Bancolombia index is constructed by Grupo Cibest using transaction data from the channels and payment methods of the Bancolombia group, processed through quantitative and analytical tools to generate high-frequency estimates of productive activity in Colombia. The index is designed as a complement to official statistics published by the National Administrative Department of Statistics (Departamento Administrativo Nacional de Estadística, DANE) and is not a substitute for official GDP figures.

“The data suggests that conditions in 2Q26 to date are more favorable than those observed in 1Q26.” — NowCast Bancolombia, June 3, 2026, Grupo Cibest

Sector Performance

At the sector level, the rolling quarter ended in May points to a broad consolidation of trends across Colombia’s productive sectors. Commerce (wholesales and retail) held growth near 3.3% year-over-year, continuing a trend that has been sustained through the first half of 2026. Public administration posted 4.7% year-over-year growth in May, maintaining steady expansion. Real estate services continued its stable trajectory at 2.0%, while financial services accelerated to 5.6% year-over-year in May, up from 2.8% in March.

Construction recorded 3.6% year-over-year growth in May after a period of deceleration that had brought the sector down from highs above 6% in mid-2025. Agriculture registered 3.5% year-over-year growth in May, also showing renewed momentum after a softer stretch earlier in the year. Manufacturing reached 2.4% in May, a modest acceleration from 0.9% in February. Entertainment posted the strongest reading in the heat map at 6.6% year-over-year in May, continuing a recovery that began in mid-2025. Mining remained in modest positive territory at 1.3% in May, though it has been volatile, dipping into negative readings as recently as February 2026 at -2.4%.

The information sector was the weakest performer, posting only 0.2% year-over-year growth in May after recording negative readings in the November 2025 through February 2026 period. Utilities registered 2.2% growth in May, and professional services came in at 1.9%.

The NowCast report was prepared by Arturo Yesid González Peña, Head of Quantitative and Analytics, and Sebastián Ospina Cuartas, Data Controller, within Grupo Cibest’s Economic, Industry and Market Research area. The index is available on Bloomberg under the ticker ALLX COBC<GO>. The report carries a standard disclaimer noting that its projections are subject to risks and uncertainties, and that actual results may differ materially from estimates contained in the document. It does not constitute investment advice.

Above photo: Leatherworking machinery on display at Colombia’s Leather Expo in Bogotá (photo: Loren Moss)

Chilean mall operator enters Bogotá with $125 million USD majority stake

Cenco Malls (BCS: CENCOMALLS), the shopping center arm of Chilean retail conglomerate Cencosud (NYSE: CNCO, BCS: CENCOSUD), has closed the acquisition of a 51% indirect stake in Plaza Central, one of Bogotá’s largest shopping centers, for $125 million USD. The transaction was completed June 3, 2026, following the fulfillment of all conditions established in the agreement between Cenco Malls’ Colombian subsidiary, Cencosud Col Shopping S.A.S., and Patrimonio Autónomo Estrategias Inmobiliarias (BVC: PEI), Colombia’s largest real estate investment vehicle, which retains a 49% stake in the asset.

Plaza Central, inaugurated in October 2016, is located in the Puente Aranda district of Bogotá, at the intersection of three major arterial roads — Avenida de Las Américas, Calle 13, and Avenida 68 — with direct access to mass transit. The mall serves a predominantly middle-income residential and commercial catchment area, within one of the city’s most active business corridors.

“We expect this acquisition to have a favorable effect on the consolidated results of the company, incorporating a relevant asset for the region into our portfolio.” — Sebastián Bellocchio, CEO, Cenco Malls

According to figures reported at year-end 2025, Plaza Central has 204,832 square meters of total built area and 76,520 square meters of gross leasable area (GLA), with occupancy of approximately 95%. The property generated revenues of 79,098 million COP in 2025. The mall holds LEED certification in both Design and Construction and Operations and Maintenance, and has approximately 1,000 solar panels installed.

“We expect this acquisition to have a favorable effect on the consolidated results of the company, incorporating a relevant asset for the region into our portfolio and strengthening the experience we offer visitors to this shopping center,” said Sebastián Bellocchio, CEO of Cenco Malls.

The deal adds a significant Colombian asset to Cenco Malls’ regional portfolio, which currently comprises 41 shopping centers and 1,450,560 square meters of GLA across Chile, Peru, and Colombia. The company was listed on the Santiago Stock Exchange in June 2019 in what was at the time the largest initial public offering in the Chilean market.

PEI, which will continue as a 49% partner in Plaza Central, is Colombia’s largest real estate investment vehicle, with stakes in more than 150 income-generating assets across more than 30 cities. Its equity securities trade on the Colombian Stock Exchange (Bolsa de Valores de Colombia) under the ticker PEI.

Headline Photo: Plaza Central in Bogotá (courtesy Cenco Malls)

International observers certify Colombia’s first-round vote as transparent and credible

Two major international electoral observation missions have rejected claims of fraud in Colombia’s May 31 presidential first round, as outgoing President Gustavo Petro continued to press unsubstantiated allegations of irregularities in the days following the vote. The country heads to a June 21 runoff between right-wing candidate Abelardo de la Espriella and leftist senator Iván Cepeda.

The European Union Election Observation Mission (EU EOM) issued a preliminary statement Tuesday, June 2, describing the vote count as having been carried out in a “transparent, orderly and fluid” manner. Esteban González Pons, Vice President of the European Parliament and chief observer of the EU mission, told reporters in Bogotá that none of the 12 candidates who competed in the first round had brought claims of irregularities to his mission.

“We can discard any manipulation of data in the quick count and in the final count,” González Pons said. The mission selected a random sample of tally sheets from around the country and compared them to physical ballots cast, finding no inconsistencies.

“We can discard any manipulation of data in the quick count and in the final count.” — Esteban González Pons, Chief Observer, EU Election Observation Mission to Colombia

The EU EOM deployed 143 observers from 24 EU member states plus Norway, Switzerland, and Canada, covering 591 voting tables. The mission will also observe the June 21 runoff and issue a final report two months after the process concludes.

The Organization of American States (OAS) mission, headed by former Dominican Republic President Leonel Fernández, similarly described the May 31 election day as “civic, calm and participatory,” with high citizen turnout compared to previous electoral cycles. The OAS mission comprised 96 observers and specialists from 24 countries, covering 412 polling stations and 1,340 voting tables across 26 departments, the Capital District, and five cities abroad.

Official results from the National Civil Registry (Registraduría Nacional del Estado Civil) showed de la Espriella receiving 43.74% of the vote, a margin of more than 673,000 votes over Cepeda, who received 40.90%. More than 23 million voters participated. By Monday night, the Registry said it had completed its review of 99.98% of voting tables and found a variation of only 0.06% from the quick count issued on election night.

Presento las bases comprobadas del posible fraude. Que puedo entregar a autoridad competente.

Dije que no reconocí los datos del preconteo del software de los hermanos Bautista es porque tengo datos.

Mi compromiso con mi pueblo y el amor a mi país por el que he luchado toda mi…

— Gustavo Petro (@petrogustavo) June 2, 2026

Petro, who is constitutionally barred from seeking re-election, alleged on Sunday that 800,000 voters had been illegally added to voter rolls. He doubled down Tuesday in a post on X, claiming without evidence that 885,000 voters had been registered after a March 31 deadline, and pointing to alleged irregularities in the software used for vote counting and tabulation. The president said he could present his evidence to the relevant authorities.

Cepeda, who represents Petro’s Pacto Histórico, initially declined to acknowledge the quick count results on Sunday, saying he would wait for the official tally overseen by judges and notaries. By Monday, however, he softened his position, stating that monitors deployed by his party had not found “irregularities of a sufficient dimension to speak of fraud.” Cepeda also challenged de la Espriella to a debate ahead of the runoff.

Under Colombian law, election results are certified by judges, not the executive branch, typically within two weeks of the vote. González Pons noted that Colombia “has very strong democratic institutions, rooted in the people,” adding that the country “will find in democracy its principal ally, because of all the things that fail Colombia, democracy is one that has never failed it.”

Political analysts and observers have cautioned that Petro’s fraud allegations, made without supporting evidence, risk inflaming political tensions and contributing to a polarized climate in the lead-up to the June 21 runoff.

Retail giant fills two C-suite roles as it accelerates omnichannel strategy

Grupo Éxito (BVC: EXITO), Colombia’s largest retail operator, has appointed two senior executives to newly defined C-suite roles as part of a long-term strategy centered on commercial competitiveness and digital transformation. The company named Paula Sanabria as Chief Commercial Officer and Juan Camilo Suárez as Chief Digital and Technology Officer, effective immediately.

Sanabria holds a degree in business administration from the Universidad Internacional de las Américas in San José, Costa Rica, and brings 26 years of experience in the retail sector. Her background spans strategic category management, high-performance team development, and results-oriented commercial execution.

Suárez is an industrial engineer from Universidad EAFIT in Medellín, and has supplemented his academic preparation with studies at the Massachusetts Institute of Technology, Duke University, and Stanford University. He has more than 28 years of experience directing digital operations and enterprise transformation processes across Latin America, with a focus on strategic planning, innovation, customer experience, and business transformation.

The appointments come as Grupo Éxito continues reorganizing its senior leadership following the January 2024 acquisition of a controlling stake by Salvadoran conglomerate Grupo Calleja, which now holds approximately 86.84% of the company. The retailer operates stores under multiple banners in Colombia, Uruguay, and Argentina, including Éxito, Carulla, Surtimax, Super Inter, Surtimayorista, Devoto, and Disco, among others.

According to the company, the two appointments are intended to reinforce capabilities in commercial management, innovation, customer intelligence, and technological evolution — areas the company has identified as central to strengthening its regional position and generating greater operational synergies across the markets where it operates.

Grupo Éxito, formally known as Almacenes Éxito S.A., completed the process of delisting its American Depositary Shares from the New York Stock Exchange and deregistering from US securities reporting obligations in early 2026. The company’s shares continue to trade on the Colombian Stock Exchange (Bolsa de Valores de Colombia) under the ticker symbol EXITO, which remains its primary market.

Image courtesy Grupo Éxito

New microsite gives foreign investors English-language access to Colombian capital markets

A new English-language microsite aimed at foreign portfolio investors in Colombia’s capital markets went live June 3, the product of a public-private working group that has been operating since late 2023. The platform, called “Foreign Portfolio Investor,” is accessible through the website of the Financial Superintendency of Colombia (Superintendencia Financiera de Colombia, SFC) at superfinanciera.gov.co.

The microsite offers information in English on the structure of the Colombian capital market, its participants, operating procedures covering enrollment, ongoing participation and divestment, issuers and issuances, links to statistical data, applicable regulations, and frequently asked questions. The initiative operates under the broader program titled Mercado de Capitales en Colombia, Colombia Destino de Inversión (Capital Markets in Colombia, Colombia Investment Destination).

The web page can be reached at: https://www.superfinanciera.gov.co/publicaciones/10115712/foreign-portfolio-investor/ 

“Historically, foreign investors have faced the challenge of understanding the functioning of the Colombian securities market,” said SFC Financial Superintendent César Ferrari (above photo). “The new microsite is a first step in addressing this challenge by offering, in clear English, information necessary to make foreign portfolio investments in Colombia.”

The working groups behind the project brought together several government bodies, including the Banco de la República, the Financial Regulatory Unit (Unidad de Regulación Financiera, URF) of the Ministry of Finance, and the National Tax and Customs Directorate (Dirección de Impuestos y Aduanas Nacionales, DIAN). From the private sector, the Securities Market Self-Regulator (Autorregulador del Mercado de Valores, AMV) and the Colombian Stock Exchange (Bolsa de Valores de Colombia, BVC: BVC) contributed to the platform’s development.

Carlos Emilio Betancourt Galeano, Director General of the DIAN, said the microsite addresses a core barrier to attracting foreign capital. “Providing clear and easily accessible information reduces barriers, improves understanding of the regulatory environment and strengthens the confidence of international investors,” he said.

URF Director Larisa Caruso said the platform addresses language as a structural obstacle to market participation. “This microsite represents an important milestone to strengthen the internationalization of the Colombian capital market and will allow foreign investors to better understand the regulation and the particularities of the local market, promoting greater transparency, trust and access to information, while contributing to reducing entry barriers associated with language,” she said.

AMV President Hernán Alzate described the launch as part of a longer-term positioning effort. “It represents a decisive step to position Colombia as an attractive and reliable destination for international investment,” he said. “Facilitating access to clear and timely information is critical to strengthening foreign investor confidence in an increasingly interconnected world.”

Andrés Restrepo Montoya, CEO of the BVC, framed the microsite as part of the exchange’s ongoing efforts to draw international capital. “To attract investment we must also facilitate access to clear and reliable information,” he said. “This is an important step to bring foreign investors closer to the Colombian capital market.”

The initiative comes as Colombia’s capital markets face scrutiny from international investors and ratings agencies over the country’s fiscal trajectory. The working group structure that produced the microsite has been active since late 2023, with the SFC serving as lead coordinator across multiple public and private stakeholders.

Fitch: June 21 Runoff Will Shape Colombia’s Fiscal Path

Colombia’s June 21 presidential runoff will have a significant bearing on the country’s economic policies and prospects, Fitch Ratings said in a commentary published this week.

In the first round of voting on May 31, right-wing candidate Abelardo de la Espriella — running under the Defensores de la Patria movement — received 43.7% of votes, defeating leftist senator Iván Cepeda of the governing Pacto Histórico, who received 40.9%. Neither candidate reached the absolute majority required to win outright, sending the election to a runoff.

De la Espriella’s stronger-than-expected first-round performance prompted a positive reaction in financial markets, reflecting expectations that he may be better positioned to address Colombia’s macroeconomic challenges that have intensified under outgoing President Gustavo Petro.

The next president will face the challenge of addressing Colombia’s wide fiscal imbalance. The central government deficit reached 6.4% of GDP in 2025, or 7.8% when net of a temporary reduction in interest costs from liability management operations. Fitch estimates that debt stabilization will require a fiscal adjustment equivalent to 4% of GDP. Higher global oil prices are expected to boost revenues via taxes and dividends in 2027, but Fitch cautioned that this support may not last.

“De la Espriella’s stronger-than-expected first-round performance prompted a positive reaction in financial markets, reflecting expectations that he may be better positioned to address Colombia’s macroeconomic challenges.” — Fitch Ratings

De la Espriella has pledged fiscal consolidation through a 40% reduction in the size of the state, while Cepeda has proposed restraining public-sector salaries and benefits. Budget rigidities and spending pressures tied to pensions, healthcare, and subnational transfers will make either adjustment difficult. Both candidates have also proposed higher spending — on defense and social welfare respectively. Capital spending could be trimmed as an adjustment variable, but only to a limited extent, with 2025 outlays of 2.7% of GDP.

The interest bill will be another source of pressure amid a higher local yield curve. Recent liability management operations have replaced lower-coupon bonds with higher-coupon ones, providing an up-front financial benefit while increasing future interest costs.

Given these spending constraints, durable fiscal consolidation is likely to require revenue-side measures. Colombia has a history of tax reforms, but new legislation is far from assured. De la Espriella has pledged to cut taxes, and while Cepeda supports revenue-raising measures, he could face obstacles in advancing reforms through Congress — as Petro’s administration found.

Uncertainties about Colombia’s trend growth persist. The economy expanded at an annual rate of 2.5% in 2019–2025, below the ‘BB’ median and below its own prior average of 3.5%–4%, supported by government transfers, a strong labor market, and minimum wage increases that kept private consumption buoyant at +4.2%. In contrast, investment contracted by an average of 1.6% annually, falling to 16% of GDP from 21%, affected in part by business concerns about the Petro administration’s more interventionist policy stance.

De la Espriella has pledged to boost growth through promotion of hydrocarbon development — including fracking — alongside tax cuts and steps to reduce administrative burdens on businesses. Cepeda has pledged continuity with Petro’s state-led development model, without concrete proposals to revive private investment.

Both agendas face implementation challenges. The next legislature will remain fragmented, requiring negotiation to pass any major legislation. As a political newcomer, de la Espriella could encounter difficulty advancing his program should he win. Social protests are a risk, particularly regarding his plans to cut spending and adopt a tougher security stance.

The election could also influence monetary policy, with implications for financial conditions and thus for public finances and growth. Despite rising inflation, the Banco de la República (Banrep) voted to hold its policy rate at 11.25% after swift prior increases of 200 basis points, amid explicit pressure from the executive branch for looser policy. The elections could influence Banrep’s next steps starting with its June 30 board meeting, and will also determine who fills two vacancies on its seven-member board in 2029.

Fitch’s downgrade of Colombia to ‘BB’/Stable in December 2025 reflected the agency’s view that the starting point for public finances had weakened considerably, and that improvement would take time regardless of the election outcome. Faster-than-expected fiscal adjustment, higher growth, and lower real rates that support debt stabilization could be positive for the rating. A worsening of these variables that steepens the debt trajectory could be negative.

Above image: Fitch Ratings