Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), Colombia’s state-controlled oil company, announced it has secured authorization to enter into a domestic loan agreement for up to COP 700,000 million with Banco Davivienda. The authorization was granted by the Ministry of Finance and Public Credit (Minhacienda) through Resolution 2691, dated October 21, 2025.
The transaction is structured as a non-revolving committed credit line. The loan is expected to have a term of five years, calculated from the date of the first disbursement, with the principal repayment structured as a single “bullet” payment due at maturity. Interest will accrue at a variable rate indexed to the IBR rate, per the terms agreed upon with the lender. The credit line will allow for drawdowns over a period of 12 months following the execution date of the loan agreement.
The loan from by the state controlled petroleum company from a Colombian private bank is roughly $180.3 million USD.
The funds raised from this transaction are designated for non-investment expenditures, aligning with the terms outlined in Minhacienda’s Resolution and the company’s established financing plan. Ecopetrol confirmed that it has fulfilled all internal procedures and approvals required to execute the loan agreement.
Minhacienda reviewed and authorized the terms of the draft agreement, and the loan documentation includes standard provisions that define borrower default events. These include, but are not limited to, failure to pay principal or interest, any event potentially impairing the borrower’s repayment capacity, issues affecting the integrity of its financial information, and the breach of contractual obligations. In the event of such a default, the lenders would possess the right to demand the early repayment of the loan, in accordance with the procedures specified in the agreement. Conversely, the draft agreement also grants Ecopetrol the right to seek recourse against the lenders in the event of a failure to disburse the loan.
Ecopetrol reported that the spread rate secured for this committed credit line is the lowest obtained in the local market by the company. The company views the terms as an affirmation of support from the domestic financial sector.
The committed credit line is anticipated to provide Ecopetrol with a reliable and flexible source of liquidity. The company projects this will contribute to its overall financial stability, strengthen its cash position, and potentially convey a positive signal to credit rating agencies. The company noted that securing favorable financing terms occurred despite what it characterized as challenging market conditions.
Quimbaya Gold Inc. (CSE:QIM) (OTCQB: QIMGF) (FSE: K05) has amended its agreement with Stifel Canada to increase the size of its previously announced private placement offering. Stifel Canada, a subsidiary of Stifel Financial Corp. (NYSE:SF), will act as the sole underwriter and bookrunner for the transaction.
The amended agreement mandates the underwriter to purchase 17,900,000 units of the company (LIFE Units) on a bought deal basis at a price of $0.70 CAD per unit. This transaction is set to generate gross proceeds of $12,530,000 CAD. The LIFE Units are intended for issuance pursuant to the Listed Issuer Financing Exemption under Canadian securities regulations.
The company has granted the underwriter an option, exercisable up to 48 hours prior to the closing date, to purchase up to an additional 15% of LIFE Units at the offering price. If fully exercised, this option would generate additional gross proceeds of up to C$1,879,500.
Each LIFE Unit in the offering consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one common share at an exercise price of $1.00 CAD per share for a period of 36 months following the closing date.
The offering is being conducted under the Listed Issuer Financing Exemption, detailed in National Instrument 45-106 – Prospectus Exemptions (NI 45-106). This exemption allows for the distribution of the securities without the usual Canadian statutory hold period. The units are being offered for sale to purchasers in qualifying jurisdictions in Canada, excluding Quebec.
An offering document related to the transaction is available on the company’s website at quimbayagold.com and on the SEDAR+ issuer profile. Prospective investors should consult the offering document before making an investment decision.
Quimbaya Gold anticipates that the net proceeds from the Offering will be allocated to advancing its current exploration programs. This includes funding drilling activities at the Tahami South project and conducting follow-up work on regional copper-gold and gold targets. The remaining funds are designated for general working capital purposes.
The Offering is scheduled to close on or about November 4, 2025, and remains subject to the fulfillment of customary closing conditions, including the acceptance of the Canadian Securities Exchange (CSE).
The securities described have not been and will not be registered under the US Securities Act of 1933 or any state securities laws. Consequently, they may not be offered or sold within the United States or to, or for the account or benefit of, “US Persons” unless registration or an applicable exemption is secured. This announcement is not an offer or solicitation to buy or sell securities.
Quimbaya Gold is focused on the acquisition and exploration of gold mining properties within prolific gold mining districts in Colombia. The company’s activities are concentrated on three primary projects located within the Antioquia Province of Colombia: the Tahami Project (Segovia region), the Berrio Project (Puerto Berrio region), and the Maitamac Project (Abejorral region).
Above photo: Quimbaya celebrates progress at its Tahami Project (photo: Twitter / @QuimbayaGoldInc)
SierraCol Energy Andina, LLC, a wholly owned subsidiary of SierraCol Energy Limited, has initiated a cash tender offer to repurchase up to $300 million in aggregate principal amount of its outstanding 6.000% Senior Notes due 2028. The offer began on October 23, 2025, and is contingent upon the successful issuance of new senior debt securities.
SierraCol Energy, headquartered in Bogotá, Colombia, is the country’s largest independent oil and gas producer by gross operated and jointly operated production. The company was formed in 2020 by the spinoff of Occidental Petroleum’s Colombian assets. It operates across the Llanos, Middle Magdalena, and Putumayo basins.
The company has been the subject of recent divestiture discussions, with Carlyle reportedly exploring a potential $1.5 billion sale of its stake in the firm.
SierraCol is backed by The Carlyle Group (NASDAQ: CG), which holds its investment through Carlyle International Energy Partners (CIEP). CIEP manages approximately $21 billion in assets focused on the global energy sector outside North America.
As of 2024, SierraCol reported free cash flow of $172 million and net debt of $511 million. The company has been the subject of recent divestiture discussions, with Carlyle reportedly exploring a potential $1.5 billion sale of its stake in the firm.
The notes, originally issued in September 2021 with a total principal of $600 million, are listed under CUSIP numbers 82653L AA9 (Rule 144A) and U8215L AA2 (Regulation S). The tender offer is being conducted in accordance with the terms outlined in the Offer to Purchase dated October 23, 2025.
The company has set a maximum repurchase amount of $300 million, though it may adjust this figure at its discretion. Holders who submit their notes by 5:00 p.m. (New York City time) on November 5, 2025, will be eligible for an early tender payment of $50 per $1,000 principal amount. These early participants will receive a total consideration of $1,000 per $1,000 principal amount, inclusive of the early payment.
Notes tendered after the early deadline but before the expiration time of 5:00 p.m. (New York City time) on November 21, 2025, will be eligible for $950 per $1,000 principal amount. All accepted tenders will also receive accrued and unpaid interest up to, but not including, the applicable settlement date.
SierraCol may elect to settle early tenders on any date at least three business days after the early tender deadline and before the expiration time. Final settlement for all accepted tenders is expected within two business days following the expiration time.
If the offer is oversubscribed at the early tender deadline, SierraCol will prorate accepted tenders to remain within the $300 million cap. In such a case, tenders submitted after the early deadline may not be accepted. If early tenders do not reach the cap, later tenders may be accepted, also subject to proration.
The tender offer is conditional upon the receipt of sufficient proceeds from a proposed issuance of new senior debt securities. The company has not disclosed the terms or timing of the new issuance. SierraCol retains the right to amend, extend, or terminate the offer at its discretion, subject to applicable law.
Investors and noteholders seeking further details can contact the dealer managers:
Citigroup Global Markets Inc.
Phone: +1 (212) 723-6106 (Collect) / +1 (800) 558-3745 (Toll-Free)
Email: [email protected]
Deutsche Bank Securities Inc.
Phone: +1 (212) 250-2955 (Collect) / +1 (866) 627-0391 (Toll-Free)
J.P. Morgan Securities LLC
Phone: +1 (212) 834-7279 (Collect) / +1 (866) 846-2874 (Toll-Free)
Copies of the Offer to Purchase and related documents are available from the information agent:
Global Bondholder Services Corporation (GBSC)
Address: 65 Broadway, Suite 404, New York, NY 10006
Email: [email protected]
Phone: +1 (212) 430-3774 (Banks and Brokers) / +1 (855) 654-2015 (Toll-Free)
For general inquiries, SierraCol can be reached via its contact page or by phone at +57 (601) 3454155.
Headline image: Oil Pump Courtesy Kobiecanka – Pixabay
On October 21, 2025, municipal tech incubator Corporación Ruta N Medellín announced its involvement as a victim in an ongoing criminal investigation stemming from alleged irregularities during the entity’s previous administration (2020–2023).
The announcement follows a hearing held by the Fiscalía General de la Nación before the Juzgado Tercero Penal Municipal (3rd municipal criminal court) in which charges were formally brought against Héctor Iván Rendón Vélez for violation of the regime of inabilities and incompatibilities, and Luisa Fernanda Rendón Gallo for falsification of a private document. These charges are part of a broader set of 650 findings revealed by Medellín’s mayor, Federico “Fico” Gutiérrez.
Ruta N clarified that it is not under investigation as a presumed responsible party, but rather as an entity affected by the alleged actions of the accused. The organization has requested formal recognition as a victim within the criminal proceedings, citing direct impacts on principles of transparency, morality, and the public resources it manages.
The damages cited by Ruta N include:
Ruta N reiterated its policy of zero tolerance for corruption and its commitment to transparency, legality, and responsible management of public resources entrusted by the Distrito de Medellín and Empresas Públicas de Medellín (EPM). The organization also reported that the accused did not accept the charges, and the judicial process will continue.
Ruta N stated its intention to cooperate fully with judicial authorities to clarify the facts, defend public resources, and preserve its reputation.
The investigation is being conducted by the Fiscalía General de la Nación (Attorney General’s office) and overseen by the Juzgado Tercero Penal Municipal (3rd Municipal Criminal Court).
Álvaro Leyva Durán, Colombia’s former Minister of Foreign Affairs, has filed a criminal complaint in the United States with US Attorney General Pamela Bondi. The newly revealed document, dated September 25, 2025, from Bogotá, requests an investigation and potential indictment against Colombian President Gustavo Petro Urrego and Juan Diego Quesada, a correspondent for the Spanish newspaper El País. The complaint was filed with US authorities before Petro and his Interior Minister Armando Benedetti were placed on the U.S. Treasury’s “Clinton List,” essentially designating them as criminals.
Leyva alleges that Petro and Quesada disseminated information based on manipulated recordings that falsely linked him to a plot to oust the head of state. The complaint states that a forensic analysis found the audio “is not original or presented in its entirety” and “was capriciously edited to be disseminated with a completely contrived meaning—an entrapment of the victims”. Leyva claims the recordings were handed to Quesada, who then used the Spanish newspaper to “fabricate a coup d’état”.
On September 23, 2025, President Gustavo Petro stated on his X account that a complaint would be filed against him from the U.S.. He referred to Leyva as “the Hidalgo” and accused him and his “golpista allies” of trying to overthrow him. Petro also responded to previous allegations from Leyva regarding his health and absences from international commitments, denying that he was intoxicated. He mentioned that his medical condition prevents him from consuming strong liquor. Leyva had previously submitted a 33-page document to the Colombian House of Representatives’ Investigation and Accusation Commission, detailing what he considered erratic behavior by the president in international settings and requesting that Petro undergo medical and toxicological exams.
The complaint says that Colombian president falsely accused his former foreign minister of plotting a coup with US politicians against him.
The complaint details a news article published by El País on June 29, 2025, titled “Former Foreign Minister Álvaro Leyva sought Trump’s complicity in the United States to topple Petro”. The article, which cited recordings and sources close to the White House, alleged Leyva was “seeking support to bring down the president of Colombia and place Francia Márquez in his place”. Leyva’s complaint asserts that this publication and subsequent accusations were based on false information. He claims the recordings were in the possession of the Colombian secret service and that President Petro listened to them, becoming “very annoyed” before publicly accusing Leyva of attempting a coup. Leyva’s complaint includes an expert report that concluded the audio was edited, with added noises, and that the original file was not presented intact.
The former minister contests the article’s claims about his whereabouts and actions in the U.S.. He states he was in the U.S. for eight days, from January 3 to January 11, 2025. He refutes the article’s suggestion of meetings with Republican advisers in April of that year, pointing out that Donald Trump was sworn in as head of state on January 20, 2025, and therefore the White House staff was not yet in place when Leyva was in the U.S.. He also denies that he or his son, Jorge Leyva, met with or even intended to meet with U.S. Representatives Mario Díaz-Balart or Carlos A. Giménez. Leyva asserts that the newspaper never contacted him for comment.
The complaint details Quesada’s interviews with Colombian media outlets, including Caracol Televisión and Caracol Radio. In these interviews, Quesada admitted the audios were edited “for the understanding of the spectator, of the readers” and that some parts were “confusing”. He also stated that the audios were in the possession of the Colombian secret service, which showed them to the President.
In addition, Leyva’s complaint highlights the relationship between Quesada and Lorena Arboleda Zárate, who served as press chief for the Petro presidential campaign. The complaint states that Quesada and Arboleda had a child born on April 11, 2025. Arboleda was named Counselor of Foreign Relations in New York via a decree signed by President Petro on January 20, 2025.
The complaint suggests that Quesada and Petro “would have conspired to filter the fraudulent recordings and manipulate information” through the article published in
El País to portray Leyva, his son Jorge, his sister Dorothy, Republican congressmen, and President Trump as “co-conspirators in a coup d’état”.
In his request to US authorities, Leyva suggests several criminal statutes that may be applicable, including:
18 U.S.C. § 371
— Conspiracy to Defraud the United States
18 U.S.C. § 1001
— False Statements
18 U.S.C. § 241
— Conspiracy Against Rights
18 U.S.C. § 2
— Aiding and Abetting
He also references US Supreme Court cases, including
Branzburg v. Hayes (1972), which established that the First Amendment does not exempt a reporter from responding to a grand jury subpoena and answering questions relevant to a criminal investigation. He also cites
United States v. Sterling (4th Cir. 2013), which reinforced that a journalist can be compelled to testify about a source when the information is related to a crime.
The complaint concludes with Leyva offering to cooperate fully with the US Department of Justice as a complainant and to provide any additional evidence.
Bogotá D.C., Republic of Colombia
September 25, 2025
Madam
Attorney General of the United States of America
PAMELA BONDI
U.S. DEPARTMENT OF JUSTICE
Subject: I denounce for the opening of an indictment those who I indicate in section I of this brief, so that you, Mrs. Attorney General, initiate the necessary investigations to proceed to apply federal regulations and jurisprudence in order to guarantee complete justice.
Full name: Álvaro Leyva Durán
Status: Lawyer with professional card No. 29504-D1, issued by the competent national authority. Former representative to the Chamber, former senator, former minister of state, former constituent.
Documents: Colombian Citizenship Card No. 17.064.0362
Colombian Diplomatic Passport No. DP069531
Contact: [email protected]
Name: Gustavo Francisco Petro Urrego, President of the Republic of Colombia
Document: Colombian Citizenship Card No. 208.079 of Cogua,
Cundinamerca, Colombia
Contact: [email protected]
Residence: Presidential Palace, Casa de Nariño
Carrera 8 # 7-26, La Candelaria, Bogotá D.C., Colombia
Contact: Phone +57 601 562 9300 (Presidency)
Name: Juan Diego Quesada
Position: Correspondent for the Andean area (Republic of Colombia, Bolivarian Republic of Venezuela, Republic of Peru, Republic of Ecuador), of the newspaper El País, Madrid headquarters, capital of the Kingdom of Spain
Contact: Diario el País, Madrid, Kingdom of Spain, +34 914 400 135
Contact: +57 315 4556348 / +34 914 400 135 / +34 910 538 059
Address, El País newspaper, Madrid, capital of the Kingdom of Spain: Calle Miguel
Yusten Nº 40, 28037, Madrid, Spain
Contact: LinkedIn
III. FACTS THAT ARE DENOUNCED
The Spanish journalist Juan Diego Quesada, correspondent of the newspaper El País de Madrid, frequented his presence in the Bolivarian Republic of Venezuela from the moments in preparation for the last presidential elections that took place in that country. His repeated visits to Venezuela and the reason for them are mentioned in an interview that journalist Carol Ann Figueroa made to him on her program La Pill (Podcast/Spotify and YouTube), on July 4.
This explains why his frequent contact with Mr. Armando Benedetti has been going on for some time.
The former Colombian ambassador to Venezuela, Mr. Armando Benedetti, today Minister of the Interior of the Petro government, who by the way, Mrs. Attorney General, in an interview with journalist Patricia Lara Salive of the Colombian magazine Cambio, published on April 27 of this year, states that “(…) I don’t want to be addicted but I am,” he was accompanied during his diplomatic tenure by the official Mrs. Sandra Lorena Arboleda Zárate, a protégé of Mr. Benedetti and of the President of the Republic himself. Is
it is clear then that the relationship between the four of them (Benedetti, Gustavo Petro, Sandra Lorena Arboleda and Juan Diego Quesada), goes back a long way. For more charity, Arboleda Zárate was Press Chief of the Petro Presidente campaign. See footer.
The fact is that the aforementioned Spanish journalist, as already noted, correspondent of the newspaper El País with headquarters in Madrid, capital of the Kingdom of Spain, impregnates Mrs. Arboleda Zárate, thus making the journalist a figure particularly inclined to the current Minister of the Interior of Colombia Armando Benedetti and the Head of State. Dr. Gustavo Petro.
The intricate relationship that arose makes Juan Diego Quesada a very useful instrument. For this reason, you were given some recordings that were made fraudulently to me, Madam Attorney General, on the basis of which the aforementioned journalist proceeds to resort to a malicious invention by instrumentalizing for the disastrous purposes the aforementioned Spanish newspaper, of which I repeat, you are a correspondent. He ended up criminally forging an entrapment.
Thus, on June 29, 2025, the newspaper “El País” of Madrid headlined:
Former Foreign Minister Álvaro Leyva searched in the United States
Trump’s complicity to overthrow Petro
Under the title:
“The former foreign minister, according to audios and testimonies close to the White House to which EL PAÍS has had access, was gathering support to bring down the president of Colombia and place Francia Márquez in his place.”
In the development of the news the newspaper indicates: “The recordings to which EL PAÍS has had access have been in the hands of the Colombian secret service.” And he adds: “The president listened to them in his office and was very upset. Later, during a speech, he accused Leyva of trying to perpetrate a coup d’état against him, although he did not offer further details. The former foreign minister, worried about the president’s revelation, went to Madrid for security reasons.”
Allow me to tell you at this time, Madam Attorney General, that a forensic study carried out by a recognized expert fell on the aforementioned recordings. It was possible to establish that it was a single recording; The originality of this file (recording) was analyzed by means of metadata.
It was concluded that the audio is not original or presented in its entirety. It was capriciously edited to be disseminated with a totally accommodating sense – entrapment of the victims. Noises were added. The aforementioned expert report is under chain of custody.
Juan Diego Quesada, in an irresponsible manner, compromises the important newspaper mentioned above, for which he is a correspondent, with the fabrication of a coup d’état allegedly promoted by the one who presents this complaint to you, Madam Attorney General, in collusion with public officials and advisers to Republican congressmen of your country, the United States of America. A whole fiction of a criminal conduct of Mr. Juan Diego Quesada, together with Mr. Gustavo Petro Urrego, President of Colombia. From this, the traceability of the iter criminis can be achieved so that the corresponding indictment falls on the accused .
In the same edition of the Madrid edition of El País (Sunday, June 29, 2025), the date of President Gustavo Petro’s arrival in Seville, Spain, otherwise coincides with the date of President Gustavo Petro’s arrival in Seville, Spain, the newspaper points out: “Álvaro Leyva sought Trump’s complicity in the United States to overthrow Petro. I emphasize this because by the time of my few days in your country, Madam Attorney General, President Trump and his collaborators at the level of government had not yet been sworn in.
It is recalled that President Trump was sworn in as Head of State on the day
January 20, 2025. It is easy for you, Madam Attorney General, to confirm
with the immigration authorities at their disposal, that I arrived in the United States on Friday, January 3 of this year and that I left their country on Saturday, January 11. That is, this year, Madam Attorney General. I was in the USA for eight calendar days in total. So, that the White House “never considered the proposal” is a clumsy claim. It borders on stupidity. A total fallacy. Aberrant insult.
Alluding to an alleged interlocutor or informant of his, the journalist Quesada states: “He told us [referring to Álvaro Leyva, who signed the complaint], that he had all the tools to execute a plan to remove him [Gustavo Petro]. Her place would be taken by Francia Márquez [the vice president]. He [Leyva] had evidence that Petro could not continue to hold office and that if this went ahead, the president would not have the capacity to respond.” And Juan Diego Quesada adds: “The help of the Americans was very important,” says one of the people who met with Leyva, 82, in April. As you can see, Madam Attorney General, Juan Diego Quesada is physically present to me in the month of April of this year in your country. It was clear to me that I left the USA on the date already noted. I repeat: Saturday, January 11. The Attorney General can ascertain from the corresponding immigration records that I have not returned to the United States of America since that date.
The aforementioned journalist Quesada, Madam Attorney General, is adding lies. More insults. More trappings.
“The former foreign minister has not answered the questions on this matter that this newspaper has asked him,” says his correspondent Quesada. Another lie. That newspaper has never asked me any questions. And he adds an additional falsehood like this: “(…). The former foreign minister and his son, Jorge Leyva, have good contacts among the ranks of the Republican Party of the United States.” And he continues: “In that way they asked their friends to organize a meeting with Congressman Mario Díaz-Balart, representative for Florida.”
Madam Attorney General, it is easy for you to determine since when my son Jorge Leyva has not traveled to the United States of America. I can tell you in advance: For several years. Absolutely impossible his presence in the time, manner and place indicated by the journalist Juan Diego Quesada.
And the same shameless journalist continues: “(…). They also intended to meet with another well-known congressman in Miami, Carlos Antonio Giménez.” “They had,“ says Quesada. Are you referring to my son and me? Jorge Leyva, the one who has been absent for years, and me, who is making this complaint? I apologize to Carlos Antonio Giménez. I did not know the important role of Representative Giménez in U.S. politics. I confess that I knew nothing about him. I had no news of his background. We had no intention then of looking for the aforementioned congressman.
Madam Attorney General, I would like to refer to an interview that a Colombian media outlet of significant national and international importance gave to journalist Juan Diego Quesada on July 1. It is the Caracol Television Network. (Morning program, Noticias Caracol en Vivo). Interviewer, journalist Juan Camilo Cortés.
In the interview, which is fully included in the previous footnote, among the various responses, Juan Diego Quesada affirms what I record below:
To the question (the first), where the audios come from, he answers: “Well. A journalistic work from sources that I have cultivated for a long time. Almost from the beginning of the government. I can’t say much more.”
He adds: “I make a clarification about the first thing I told you… They are sources that I have had for a long time… no… not necessarily bound by institutionality.” Remember, Madam Attorney General, by the corresponding footnote, that Mrs. Sandra Lorena Arboleda Zárate, was head of the presidential campaign of the current President Gustavo Petro.
When asked if the audios are edited, he accepts that they were edited. And he adds: “There is a larger version, but it was edited for… for the understanding of the viewer, of the readers… they were parts where it was confusing… you didn’t understand what you heard and you didn’t… it did not add anything to the information.”
To the question about the fact that the journalist Quesada in his news item (the one published in El País de Madrid, on June 29), points out the search for meetings that Leyva has had with Republican congressmen, especially two, the interviewee says: “I have that documented. In fact, I spent a few weeks in the United States, in New York. Specifically I received the audios, but we do not publish like this lightly, we do not publish what we receive without checking and that was an investigation of ours that does not reach three weeks, it would remain in eighteen, nineteen, twenty days and I had access to advisors of these Republicans, even they came out yesterday and did not deny their … meetings with Álvaro Leyva that his son also played a role. What was said in those meetings… The testimonies I have collected say more or less what he says in the audios. (…)”.
It is worth noting Madam Attorney General, that the content of the audios does not refer at all to that particular. On the other hand, I tell you, Madam Attorney General, that I do not know a single adviser to any Republican. Not a single one. You may well find out.
On the subject, Juan Diego Quesada adds: “Yes… we have even interviewed you… We have listened to interviews. This morning Rep. Carlos Giménez said… he says, I don’t know how much influence former Foreign Minister Leyva and his son have on U.S. politics…”
Alluding to my name and Jorge Leyva, my son, the journalist Quesada indicates:
“He knows people, the son knows people mostly from Florida, I guess the next step was Donald J. Trump, but… have… the influence I suppose is small, it also sounds very crazy… that the United States, which is involved in a thousand things, suddenly worries about Petro when… when neither the situation is coup nor … or anything… The thing is that not even the United States has done anything in Venezuela, so I imagine that it would not have Colombia under its magnifying glass.”
Madam Attorney General: Mr. Journalist Juan Diego Quesada, correspondent in the Andean region of the newspaper El País of the Kingdom of Spain, invented and accommodated false value judgments.
The interview with Juan Diego Quesada continues, as follows: “There is also another detail of the investigation… This article does not take President Petro by surprise. (…). Of course, because I consulted him. I consulted him this week, or well last week before the publication because I wanted to get his version (…)”. (…), I tell him that… that my investigation is solid and I have verified that he went to the United States to seek the complicity of the… of the White House, which of course I would not publish audios like that out of nowhere and without having a fast check-in behind it, and well yes, I spoke with Petro about that.”
To the question asked by the Colombian interviewer to Quesada, if he knows who recorded the audios, the Spanish journalist answers: “I don’t know, I don’t know. I don’t know, I don’t know.” And he adds: “The Colombian secret service had them and was the one who showed them to the President.” He continues: “If not even Leyva knows that who he was eating with has betrayed him and so has Leyva… this if it… I take it for granted, the New York source who says that he met with him in April, or I don’t remember if he told me March, April, I have… I have that doubt right now, I don’t remember by heart, he must know who was there, because of course he made those contacts with the Republicans through someone called Dorotea. I’ve never written this but look, I’ll tell you.”
Madam Attorney General, as you can see, Quesada is once again linking my son. It again places us in New York City. Let it be time to tell you that the last time I was in that city was in 2023, on the occasion of my appearance before the United Nations Security Council, in my capacity as Minister of Foreign Affairs. Since then I have not been present in New York, much less with the supposed company of my son Jorge Leyva. And I remind you: It has already been established that I left your country on January 11. I haven’t been back since.
I continue, Madam Attorney General. Juan Diego Quesada links “someone named Dorotea” to the conspiracy, according to his saying. So deep was his research in that city that he did not know that Dorotea (Dorothy), is my younger sister, American by birth, residing in New York City. Juan Diego Quesada makes a fool of himself when the interviewer of the morning program, Noticias Caracol en Vivo affirms: “OK Dorotea”.
“Yes,” Quesada replies. To which the interviewer affirms, “it is like a link”.
To the latter, Juan Diego Quesada comments: “Yes. Leyva and the son use Dorotea to reach the advisors, although they know the Republicans, but it is a way of introducing themselves in a more … more direct.”
Later on, the interviewer asks Quesada: “Ehhh, is Dorotea a nickname? Or is it the name…”.
Quesada’s response: “I don’t know, I don’t know. I don’t know, I don’t know.”
To end the interview, says the journalist of the Caracol Chain, Mr. Juan
Camilo Cortes: “Very good… Juan Diego Quesada, author of this research. Investigative article from the newspaper El País. Juan Diego, thank you very much, let me confess that it leaves the name of Dorotea in my head.”
Quesada responds: “Okay, okay. I’ll try to clear up that mystery.”
What is certain, Madam Attorney General, is that Juan Diego Quesada took advantage of the time of his alleged investigation in New York City, to be by the side of Mrs. Sandra Lorena Arboleda Zárate, at the time of the birth of their son. He was born on April 11. I refrain from mentioning the child’s name because it is a newborn.
Mrs. Sandra Lorena Arboleda Zárate was appointed as Counselor for Foreign Affairs attached to the Central Consulate General in New York, by Decree No. 0046 of January 20, 2025. Madam Attorney General, the administrative act of appointment is signed by the President of the Republic, Mr. Gustavo Petro. See footer.
It is worth adding that about the successes of his supposed investigation in New York City, Juan Diego Quesada did two additional interviews. One with journalist Juan Carlos Vélez, YouTube channel B12Radio, and another on the YouTube channel Los Danieles. These interviews are attached in the corresponding footnote.
Madam Attorney General, it is easy to deduce that the journalist so often mentioned, Mr. Juan Diego Quesada and President Gustavo Petro Urrego, would have conspired to leak the fraudulent recordings and manipulate information through the aforementioned newspaper article, published in the international newspaper El País of Madrid, capital city of the Kingdom of Spain, with the purpose of exposing and pointing out advisors of Republican congressmen and congressmen themselves, and even the President of the United States, Donald J. Trump, as co-participants in a coup d’état, allegedly promoted by these very high U.S. public officials in collusion with the one who denounces, Álvaro Leyva, at first identified, with Jorge Leyva, identified with the Colombian Citizenship Card No.
80,418,271 and my sister Dorotea Leyva (Mary Dorothy Leyva), a U.S. citizen by birth, born in Manhattan, a neighborhood of New York City.
York, on January 12, 1958, at ST. Clare’s Hospital. Additional IDs for Mary Dorothy (Dorotea): New York State, Identification Card No. 110 818 296, United States Passport No. 570453167.
Madam Attorney General, I can abound in fearful and malicious pronouncements by Mr. Gustavo Petro, aimed at fabricating a conspiracy of mine accompanied by third nationals and U.S. servants with the purpose of seeking an illicit means to bring about his overthrow.
In May of this year, Petro gave two public speeches that demonstrate this. In one, he directly pointed to U.S. Congressman Mario Díaz-Balart, of being the alleged manager of a conspiracy, in the company of a “jefe gremial,“ promoting a coup d’état against him. Thus, he links that American public servant to the spawn of a plot.
In a second speech, delivered in the Plaza de Armas of Bogotá, capital city of Colombia, President Gustavo Petro pointed out that the undersigned (Álvaro
Leyva, complainant) is a “decrepit old madman” and that what happened is “a plot. And the plot is not national, it is not of Colombians, although there is
Colombians,” Petro said, “and therefore, it is very dangerous because it is an attack on the sovereignty of Colombia and the freedom of Colombians.” The above was accompanied by a message X after that intervention in which he notes:
“(…), Díaz-Balart, do not try to overthrow the President of Colombia, because you will unleash the Colombian revolution.” This is Mario Diaz-Balart, Representative to the House of the United States. Keep in mind, Madam Attorney General, that the Spanish journalist, Juan Diego Quesada, in his malicious and insulting inventiveness, had already alluded to Diaz-Balart and other Americans such as Representative Giménez, regarding the plot to overthrow Mr. Petro.
Madam Attorney General: Mr. Gustavo Petro’s obsession with accusing Álvaro Leyva (complainant), and high-level American congressmen and public officials of being conspirators is so evident, that he fraudulently publicly insinuated without any blush, that other Colombians would be accomplices of the person who advances this denunciation, in the conspiratorial conduct. Such is the case of Mr. Bruce Mac Master, president of the National Association of Businessmen of Colombia, ANDI, (See footnote) who on August 18 was accused by President Petro of being involved in the alleged
overthrow. (Petro had already referred to a “Jefe Gremial” as a coup plotter). In a post on the social network X he stated the following: “Bruce Mac Master has not clarified why he is mentioned in Leyva’s recordings. Did he dare to collaborate in a coup d’état? The prosecutor’s office should clarify this attempt at sedition for us. (…)”. Look, Madam Attorney General, Petro takes it for granted that there was an attempt at sedition.
Mr. Mac Master in message X of August 18 responds to President Petro as follows: “To Gustavo Petro I propose that we clarify this and many issues to the country.
“I have said publicly and in the media that in fact, Mr. Leyva asked me to meet and told me practically everything that was included in the letters that he later published. I have also said that he is not the only former minister of his, with whom I have spoken. I constantly talk to several.
“Now it is your turn, President, clarify for us all the pending issues you have. If you want, we can make the list together. Cases of corruption that they do not clarify for us, his actions around the functions of the position, public policy decisions far from the technique and the general benefit, attacks on freedom of the press, appointments and dismissals. There are countless issues that the nation deserves to be clarified.
“Now, if you are going to continue accusing me of a crime, you better have substantive reasons to do so, and concrete evidence, because otherwise, we will have to settle it in justice and perhaps not only nationally, but before international organizations, which protect all the rights that you violate when you assume your anti-democratic persecutions, using their position of institutional power to attack and affect the reputation of many, and put us in danger.”
Madam Attorney General: The letters mentioned in the aforementioned post by Mr. Bruce Mac Master, I will send them to you as soon as possible. I will also send you what I said as a witness, in my appearance before the Commission of Investigation and Accusation of the House of Representatives of the Congress of the Republic of my country. I was summoned to explain the contents of these letters.
And Gustavo Petro’s desire to continue linking those who today denounce him to you is constant; and he makes U.S. public servants accomplices in a conscious and malicious manner, Madam Attorney General. This is evidenced by what was stated in the recent message X that he released on September 17, which reads as follows: “@petrogustavo -Alvaro Leyva and the decertification. It was already in its recording.” A fallacious lie.
Madam Attorney General: The corrupt intention of the Spanish journalist Juan Diego Quesada, in collusion with Gustavo Petro, President of the Republic of Colombia today, can be measured by the headline of the newspaper El País de Madrid of the Kingdom of Spain, on June 29 of this year. I remind you:
Juan Diego Quesada instrumentalized the important media to put it in the title and affirm in a restrictive way such barbarity. I, Álvaro Leyva, Colombian, hand in hand with the President of the United States of America, Donald J. Trump, acted in a malicious and organized manner to overthrow Gustavo Petro from the presidency?
Regarding the opinion that Mr. Gustavo Petro has of his Head of State, Donald Trump, Madam Attorney General, I would like to attach message X from Mr. Petro. See footer.
****
Madam Attorney General: The damage caused to society in general, to me personally, to my son Jorge Leyva, to my entire family, to my sister Dorotea Leyva (Mary Dorothy), with the accusation made to us by the defendants identified above, either directly or indirectly, and by the newspaper El País de Madrid of the Kingdom of Spain, of having conspired in the United States of America, in alleged complicity with public servants of his country, including President Donald J. Trump, to carry out a coup d’état in the Republic
of Colombia and the recent decertification (U.S. evaluation of the effectiveness of the Colombian government’s fight against illicit crops and criminal structures), requires all the investigative and sanctioning scopes that allow the application of American norms and local jurisprudence at its disposal.
I add, however, that all of the above is denounced to you, Madam Attorney General, within the framework of the international agreements on judicial cooperation Colombia-United States, since some of the victims are citizens of the United States of America. This does not prevent me from taking the liberty of recalling the rules that I indicate below:
18 U.S.C. § 371 — Conspiracy to Defraud the United States
18 U.S.C. § 1001 — False Statements
18 U.S.C. § 241 — Conspiracy Against Rights
18 U.S.C. § 2 — Aiding and Abetting
Madam Attorney General, I add to the foregoing, by way of recall, that the Supreme Court of the United States, in Branzburg v. Hayes (1972), ruled unequivocally that “the First Amendment does not relieve a newspaper reporter from the obligation to respond to a grand jury subpoena and answer questions relevant to a criminal investigation.” The Court affirmed that journalists, like all citizens, must provide
evidence of criminal conduct. In addition, in United States v. Sterling (4th Cir. 2013), the court reinforced that a journalist can be compelled to testify about a source when the information relates to the commission of a crime, and the government’s interest in investigating and prosecuting that crime.
Finally, please bear in mind, Madam Attorney General, that for whatever is necessary, I, Álvaro Leyva Durán, in my capacity as complainant, place myself at your entire disposal.
With all due respect and consideration, Madam Attorney General of the United States of America, I subscribe very respectfully.
Above photo: Alvaro Leyva when he was Petro’s foreign minister (courtesy Minexterior)
The Pacto Histórico political coalition’s primary election, held on Sunday, resulted in a definitive victory for Senator Iván Cepeda Castro, securing his position as the coalition’s candidate for the upcoming presidential elections. The election, however, drew a total of 2,739,368 votes, highlighting a significant challenge for the ruling alliance as it contends with substantially diminished voter engagement compared to previous national polls.
With 99.04% of tables scrutinized by the Registraduría Nacional del Estado Civil, Senator Cepeda earned 1,533,284 votes, representing 65.13% of the valid total. He defeated psychiatrist and former Minister of Health Carolina Corcho, who garnered 676,110 votes (28.72%), and former Mayor of Medellín, Daniel Quintero, under criminal indictment, who received 144,677 votes (6.14%). Excluding the 385,297 non-marked and null votes, the effective participation stood at approximately 2.35 million valid votes.
Despite Iván Cepeda’s strong showing in the primary, weak turnout may indicate that Colombians are tired of Gustavo Petro’s populist antics and “revolutionary” politics.
The low turnout figure—totaling about 2.7 million, represents a loss of roughly 51% of the coalition’s support when compared to the 5.8 million votes it achieved during the 2022 presidential race.
The voter turnout was considerably less than the 13 million votes cast in the 2016 peace plebiscite—an election that President Gustavo Petro often referenced in his later calls for a failed constituent assembly initiative. The reduced participation, despite this being an open primary election available to any registered voter, underscores a notable decline in voter interest for the coalition’s internal process.
Despite withdrawing late from the contest, embattled former Medellín Mayor Daniel Quintero’s name remained on the ballot, and his participation could carry legal ramifications for his political career.
Quintero’s late withdrawal is cited as a potential cause for his ineligibility as a candidate in the 2026 elections. According to Colombian electoral law, candidates must resign or step down from posts or public contests by specific deadlines to avoid disqualification from future elections. Once a person is formally inscribed as a pre-candidate in a consultation—even if they later renounce the candidacy—the legal action of participation may remain binding. His low vote count in the primary (6.14%) is unlikely to salvage his political momentum given the potential for a formal declaration of ineligibility.
The election was further complicated by controversy regarding the fine line between promoting democratic participation and engaging in partisan political activity. Public officials were observed issuing messages to encourage voting, which has drawn the attention of control entities.
The Procuraduría General de la Nación is reviewing institutional publications that were disseminated during the voting period. This scrutiny is based on the Colombian Constitution’s Article 127, which prohibits public employees from intervening in partisan politics, except in cases specifically permitted by law, and from using state resources or their official positions to promote partisan causes or candidates.
While the government asserted that its role was confined to strengthening mechanisms of participation—a mission also advanced by the Defensoría del Pueblo—the convergence of an official, state-funded day of democratic promotion with an exclusive consultation by the ruling political movement raises legal questions. The disciplinary review will seek to determine if the government’s messages constituted a general call for participation or an act intended to favor a specific political collective. President Gustavo Petro’s Ministerio del Interior Armando Benedetti has defended the government’s position that institutional engagement was non-partisan.
Colombian aviation company Alma Air S.A.S., has recently received a favorable opinion from the Technical Advisory Committee on Aerocommercial Affairs (CTAA) of the nation’s Civil Aviation Authority (Aerocivil), which allows Alma Air to initiate its formal certification process under the air taxi service modality (Similar to FAA Part 135), utilizing both amphibious and land-based versions of the Cessna Grand Caravan C208 aircraft.
Finance Colombia’s executive editor, Loren Moss, sat down for coffee with Rupert Stebbings, the CEO of Alma Air. Stebbings, a longtime contributor to Finance Colombia, brings a wealth of experience to this new venture, including a history in international investment dating back to his time with the Bolsa de Valores de Colombia (BVC) and his role as a former board member of Viva Air.
The discussion focused on this significant milestone from Colombia’s civil aviation authority, Aerocivil, the unique operational challenges of floatplanes in Colombia, and the immense market opportunity for connecting remote and developing tourist destinations.
Finance Colombia: I’m here with Rupert Stebbings, the CEO of Alma Air, a friend, a longtime contributor to Finance Colombia, former board member of Viva Air. You know, I know that you have a long history not only working with investment, international investment, going back to the BVC and before that; but then, of course, your experience with Viva Air. And now you’re heading up this venture Alma Air. And we’ve talked about that before, but you guys have just received your operating certificate from Aerocivil, I believe. Tell me about the significance of this development and give us an update as to where things stand since we last spoke, I think back in February.
Rupert Stebbings: Yeah, sure. Good to be with you, man. We’ve been together a long time, so if you know me a long time, you know my history here. So as opposed to the operating certificate, what do you have? In Aerocivil, there’s various stages, right? And the first stage is kind of a greenlight process. You have a public audience and then they look at the plan, what you’re looking to do, they look at where you want to go, and then they give you the green light, which we’ve got a couple of weeks ago. They say, “Okay, move ahead. Sit down with us, let’s go through everything in detail.”
It’s probably the most complicated stage, stage one. It takes a lot of study and it’s a new product. It’s innovative. So there’s an education process. We’ve now got that green light. So what’s happening? This coming week my team, the pilots, the maintenance guys, the guys who really know how a plane works; they’ll be in Bogotá. They’ll be sitting down with the inspectors looking to get the inspectors appointed in Medellín, Cartagena, to move forward the process. And from there, you’re moving through the stages, it’s a four-stage process, bit by bit by bit. And then by early next year, the planes will be here. Then we check the manuals and all the technical aspects that go with that to make sure it’s absolutely safe and secure.
Finance Colombia: Now, you guys are using Textron (NYSE: TXT) Cessnas for this. What are the specific challenges that come with a floatplane operation? Because not only can these planes land at regular airports, they can also land—and I think that this is what makes your business model unique here in Colombia—they can land in rivers. They can land in keys and small islands, and they can land in areas that are less developed. So what are the technical challenges, and even not just technical, but operational challenges that that brings, along with the advantages of not being tied to, “Hey, there’s no airport here, but we can still service here,” you know?
Rupert Stebbings: No, no. Obviously, there’s a lot of Cessna Grand Caravans already in Colombia doing land to land. They’re a very common plane not just here, but in the whole world. What are the challenges? Well, the challenge is it’s a completely new product. It might exist in the Bahamas, Alaska, Vancouver, Australia, wherever you want to go. Whilst they were here 100 years ago, they haven’t been here for a long time. So what do you have to do? Like you mentioned, they can land on the sea. They can land on the sea, the lakes, on rivers. But it has to be done safely.
These airlines, these planes… seaplanes have got a tremendous track record in terms of security. We want to maintain that. So we have to sit down with the local authorities. There was a test flight carried out by another party down in Ayapel a few weeks ago. And it’s precisely for that. Aerocivil was there, they were on the plane. What are you checking? You’re checking where you’re landing. Is it safe to land? Are there people in the water? Are there boats? Are there jet skis? How is the mooring? How is the pier? Is it safe? Is it big enough? Is it away from boats? So a lot of it’s to do with security.
We know that these planes are environmentally very clean, so we don’t worry about that. But we do worry. And obviously, as an innovative new product and being pioneers in this, we need to make sure we get it absolutely spot on. And that wherever we land, wherever it is in Colombia, it’s done safely, securely, and that everyone locally knows exactly what’s going on and the benefits that come with it.
Finance Colombia: What have you seen with regards to the reception? The last time that we spoke on this, it was at ANATO back in February in Bogotá, and that’s the tourism industry convention. What has been the reaction of hotels, of tour operators, of the agencies, of the package promoters and the industry in general, when it comes to this kind of, innovative for Colombia, mode of transportation?
Rupert Stebbings: Yeah, pre the 2024 public audience, I spent a lot of time on the coast: Cartagena, Barranquilla, Santa Marta, all around the coast, Mompox, Magangué. And the reception was incredible. Public sector, we sat down with the mayor’s office, tourism, secretaries. But then we sat down with the private sector, hotels, agencies. Everyone wants in, everyone wants a new product. Why? Everyone knows that Colombian tourism is booming, but now everyone’s looking at different types of tourism, a ‘better tourist’, for want of a better phrase.
We’ve seen the cruises, AmaWaterways in the Magdalena River, starting in April, 48 cruises a year. And now are going to double that this month. They’re getting a second boat because the top-end tourists, there’s so much demand to come to Colombia. We want to be part of that. And that’s why it’s been well-received. Now, since the public audience, what’s happened is we’ve been called from all over the country. We’ve had Los Llanos, I’ve been down to the Amazon, Bahia Solano. Can we go there? Here in Medellín, Guatapé, which isn’t far from here. I’ve been and sat down with Guatapé, I’ve sat down with the mayor’s office, I’ve sat down with the city, with the town council. And they, too, want to push ahead because the connectivity from Bogotá to Guatapé can be an hour. It’s about four hours now if you want to go El Dorado to Rio Negro. Or Medellín, downtown Medellín, to get there to Guatapé. There were 3.7 million tourists in Guatapé last year. It’s a huge number. When you look at Mompox, which is 84,000, there’s massive numbers, more and more foreigners want to go there, and tourists. But right now, on a ‘puente’, a long weekend, it’s three or four hours. In a nice car, but it’s three or four hours. We can get you there in 10 minutes from downtown Medellín. So the minute we went public with this, everyone’s called us and the reception has been, I can just say, unanimously positive.
Finance Colombia: That’s impressive, especially when you think about- I mean, Guatapé, for example, from here, it would be an hour drive, but it’s more like a two-hour drive because of traffic. And this is a way to avoid that by operating these Cessnas. You can operate out of Olaya Herrera instead of having to come out of here. I think about places that are under development, like Coveñas, for example. They’re expanding Tolú, but up until now, you have not been able to get in there with a traditional 737 or A320 or something like that. The other islands and the islands that are outside of Cartagena that have been becoming more and more of a tourist draw.
Tell me financially, if we talk about from the investment perspective, you know, you guys are stable, you guys have experienced investors, but I believe that there is still opportunity. Tell me about what your goals are. Obviously, operationally, you need to go through the steps to become an operating functional airline. You’re backed by experienced investors that have not failed globally but have a track record of success around the globe when it comes to airlines. This is kind of a new and viable, but very fun project, I think. But tell me about the opportunity and the gap and the need there for additional partners when it comes to looking at bringing this project to fruition and supporting it in the future.
Rupert Stebbings: Yeah, I think over the next six months, there’s three phases. One, as you mentioned, the technical aspects of Aerocivil, which is so important. Number two, commercially, continue to build contacts, look at new locations, destinations. But number three is this: as you know, our backers have been all over the world, many places. But what we’d never pretend to be… I’ve been here 20 years, but I wouldn’t pretend to know Colombia inside out. Every time I go to the coast, or I go somewhere, somebody’s got a new idea. “Have you been to this place, or this lake’s got a beautiful eco-hotel.” We can’t get there.
So every time they tell me to go somewhere, there is new know-how, and our preference would be to have a partner, for sure. We’ve got a lot of friends we’re working with overseas who are already in the seaplane business all over the world. We speak to people in every continent on this. But also locally, Colombia is a country apart. It’s a country with a huge, huge opportunity. It’s a big country. And honestly, it would be great to have somebody alongside us, sat down with us saying, “Hey, have you thought about this? Have you done this?” As I say, we don’t pretend to know Colombia inside out. It’s an amazing country. Everyone knows that every time you see an article anywhere around the world, Colombia gets a mention. The best for this, the best for this. Pension, live, digital nomads, but also for tourism. The numbers are going through the roof.
And I think everyone, whether it’s us, an agency, a hotel, everyone’s looking for more and more know-how, more knowledge. And the more people you have inside the tent, the more people you have helping you, the easier it is to move forward, to make good decisions, and make the most of the opportunities that definitely are here. And so, you know, we’re looking for a partner, whether it’s overseas, that’s fine, whether it’s local, great as well. But we’re definitely looking for people to come on board and join us in this project, which is, as we know, it’s innovative, it’s new, it’s tremendous excitement. And if somebody wants to share in that, you know, we’re open to a conversation.
Finance Colombia: You know, I think the great thing is that intellectual humility, of not coming into a place and saying “we know everything.” And if I think about the track record of some of the investments, the investors, they go into Mexico, they partner with a local company that made things a success. They go into places like Singapore. They go into places like the U.S., and they’ve done that. And even before with Viva, every place that they’ve done that has been a success, because they’ve bought in the local intellectual capital, as well as financial capital participating, so that the local economy has a stake in things. It’s not like, “Hey, we’re from the outside and we’re just going to do things.” In other sectors, in mining, I’ve seen the companies that do it right, they follow that model. They bring in people, not like the old model that we saw in Asia, where it’s like, you’ve got to bring in a local partner so that they can screw you. Like we would see, you know, 40 years ago in India, or in a lot of places like, you’ve got to have a local partner for capital controls and things like that.
No. Colombia, as you know living here, one of the great things about Colombia is that legally we’re treated on an even par as… you know, there’s no difference. And I can speak to this having been a business owner in Colombia, you’re not treated any differently. You have no disadvantage in the local system being a foreigner. And I think that that makes it, whatever the flaws are and whatever the drawbacks are, that makes it a very safe place and an advantageous place for investment.
Rupert Stebbings: Yeah, I worked in the financial sector for decades in Asia. In Asia, it was exactly that model. We’ll parachute in and it’s us. We’ll only use the local because we need their license. So they didn’t take on as much local know-how intellect as they did. Well, that’s changed over the years. And in this sector in particular, if you look at the tourism sector here, there’s tremendous influence amongst the hotels, the agencies, from overseas. But they are all using local know-how, the people on the ground in general or locals, and we want to be part of that. As you say, I wouldn’t be absolutely stupid to come into a country with a new product, a product that was here from 1919. I turn up in 2025 saying I know all about that. No, there’s people who know, there’s people have been around. This airline sector is one of the oldest in the world. So local knowledge, I think, is fundamental.
Finance Colombia: And even in 1919, the industry was started by Germans who came in here and did it and they were able to be successful. And then the airline evolved and went through iterations and became kind of the national flag carrier of Colombia. But I think that it speaks to the friendliness that Colombia has towards investment. And the thing that you mentioned is that these people are real partners. They’re not agents that, “Oh, I need to have a license, or I need to sign off this checkbox on some kind of license form.” But these are real partners who are involved and things like that.
Rupert Stebbings: Absolutely. I couldn’t agree more. And you know, I’ve done a lot of research and written on Colombia, but even agent people at the World Bank, they’ll put Colombia in the top 15 countries in the world to invest for the protection of your rights when you come here, because you’re looked after when you come here, because the country wants to develop, wants to move forward, and they look after you when you get here. And I think that’s fundamental.
Finance Colombia: Absolutely. I mean, you know, I’ve been here for 11 years. I’ve never seen a form or any kind of government document that differentiates between, “Okay, check this box” or “you can’t do this because you’re a foreigner.” And Colombia is great when it comes to that. Now, let’s look at- going back to operations. What has to happen before Alma Air is flying routes, scheduled routes with passengers? Now, I know that in the U.S., you know, we had like Part 91 aviation, 132 aviation and things like that. And there’s one thing that’s a scheduled airline, there’s another thing that’s like a charter airline, and then there’s, you know, general aviation. Is the set up the same way here? And whatever the case might be, what has to happen and how far away are we from booking tickets to fly on Alma Air?
Rupert Stebbings: Okay. So, we’re going to work as an air taxi, charter, no scheduled flights. Which is similar to other countries. Most companies and seaplanes work on that basis. You call me, you tell me what you want. Obviously, we’ll have a menu: this is what you can do, call me when you want to do it, who you want to do it with, etc. So that’s how it’ll work. 100% charter air taxi, as it’s mentioned here. What do we have to do? As I mentioned, the guys are in Bogotá this coming week. They’ve got to sit down, and the aforementioned paperwork, which is the same for everybody, we need to fill in a lot of paperwork. We need to go through the manuals, which are done, but there’s something like 50+ manuals for seaplane operation. So they need to be doing a page turning, go through it. Because it’s new, right?
And also, there’s regulation. We’re also working with DIMAR, which is the coastal authority, and the internal authorities, and the environmental authorities to make sure that everyone’s on board the regulation, everyone understands the rules. So I’m going to put a plane there. What needs to be there? Who needs to be aware of it, etc.? So there’s an awful lot to be done through Aerocivil, DIMAR, and the authorities. In parallel, we’re speaking with the lessors overseas to sort out the planes, the arrival times, and then that will be going through the Christmas period into January. And then by the end of the first quarter next year, we should be seeing planes arrive here to then go through the same paperwork. You can’t just bring it here and fly it around. [Laughs.] ‘Hey, I’m here, I’m just going to fly around.’ No, not at all. We’ll bring it here, the plane has to be checked over, everyone needs to be on board. Then hopefully within around probably less than six months, you’ll be able to call me up and say, “Hey, I want to take the family and do this and this,” you know, whether it’s to go to a hotel, you want to do a sightseeing trip, you want to go to a couple of lakes in a day, you let me know and we’ll get in touch and we’ll sort you out.
Finance Colombia: Amazing. You know, I’m looking forward to it. I’m not the high roller who’s going to be like, “I want to go to a couple of lakes.” But hopefully there will be some kind of group travel opportunity and things like that over the weekend.
Rupert Stebbings: But the thing is, everyone talks about… Every time I do an interview with the press it’s, “How much, how much you’re going to cost?” “Yeah, it’s going to be really expensive.” No. Colombia is full of charter planes already. It’s already full of private planes. And I would say the price point of this is the same as you doing something special for your anniversary. You know, you want to do something special, let’s fly somewhere and go to a spa for a couple of days in a hotel, for example. We’re in that price point. We’re not in a ridiculous point. And the one thing you’ll be buying from me is time.
And that’s the key. If you’re in Bogotá, you want to go to Guatapé for a beautiful weekend and a beautiful hotel, then you don’t need to spend five hours getting there, five hours getting back. I’ll get there in one hour. So you can buy four hours for you, or three hours on the way, three hours on the way back. That’s six hours. Plus, your partner, that’s 12 hours. You get more time at your resort and not at a huge increment in price.
Finance Colombia: And, you know, the Grand Caravans have a capacity of what, like 12 or something like that?
Rupert Stebbings: It’s eight passengers plus pilot and copilot. That’s one thing we push very hard for. You’ve got to have a copilot and pilot. That’s not global, but that’s what we believe, definitely, in terms of security. Then you got the eight passengers. These planes will take up to 14 seats, but we’ve checked around the world and the most successful seaplane companies are using the eight planes. Why? Because if I’m going somewhere in a seaplane, I want to go somewhere real nice and spend a few days, I don’t want to go there with a backpack. Comfort and what I take with me.
Finance Colombia: You know, that’s a good point. My cousin, for example, runs a charter service out of Miami and he services the Caribbean. He has a Learjet and a King Air. And I remember talking to some of his passengers one time in the Bahamas and talking to him; and it’s not that the people are rich. I mean, they’re not poor, but they’re not like super rich where they’re going to fly to St. Bart’s on a private jet. But what happens is, one of the passengers explained to me, they’re mostly like avid fishermen, anglers. And they’ve got to carry all their rods and all that stuff like that. And they explain this, “Look, this is a family trip for us, and there are six of us. And by the time I pay for six airline tickets, it’s actually less expensive to fly on this charter.”
Rupert Stebbings: And the bags, and the extra bag, and the extra length luggage. When people say, “It’s going to cost me this.” I’m like, “No, it’s actually going to cost you this, because you were going to pay this. But I’m going to charge you on top for the convenience.” So it’s not an extraordinarily expensive thing to do. But that’s education, that’s the education process. And the fact that it’s so common; if you go to Vancouver, people commute to work on a seaplane. So it simply doesn’t add up that it costs you thousands of dollars just to go one way. Of course it doesn’t. But again, this is part of the education. I think in time people will come to see “this is something I can do with my family.” And hopefully we’ll fill the skies here with seaplanes, which should be great.
Finance Colombia: I would imagine that there’s also a market for things like air ambulance. Colombia has so many remote areas, there are cities in Colombia that you can only get to by river or by air. And, you know, we just published an article about the high quality of Colombian health care in places like Cali and Medellín and Bogotá. But to get people who need, you know, urgent or unusual operations or have conditions and things like that. You guys can play a vital link in that process as well.
Rupert Stebbings: Of course. It would be a second stage. But already the authorities have manifested interest in what can be done. We looked at a study in 2021, there were thousands upon thousands of air ambulance trips in one year in Colombia, from remote areas in. And they’re not using air ambulances; they’re just putting them into normal charter planes in an emergency. So that’s definitely something we looked at. The authorities are interested; the security forces are interested. You know, as you say, most bad things in Colombia take place in remote areas. Whether it’s military, whether it’s a car crash, whether it’s a heart attack on a remote island. But as we know, as you mentioned, Colombia’s got a tremendous medical system, but it’s concentrated in the main cities or even the big towns. So if you’re in a place, you don’t have to be far away to be hours and hours away. You know, if you go from Colombia to Mompox, to pick an example, you’re talking five or six hours in a car, no mainstream hospital. There’s a hospital in Magangué. But I’ve spoken to many people in Cartagena in clinics who do evacuations, and they say, “No, almost all the cases come into Cartagena or Barranquilla.” So if we can help in any way, we’re definitely there to do that.
Finance Colombia: That’s amazing. Now, is your website up and running? If interested, if people want to get in touch with you all, do they go through your website or what are the methods that you recommend?
Rupert Stebbings: Yeah, flyalma.com, up and running already. It already gives you a good indication of services, destinations, the routes we’re going to use… It’s got the history as well of seaplanes, which is very important to get into, who we are… So then go in there, look at all the information, the contact information is there, we are on LinkedIn or on Instagram. So you can find us, that’s not a problem at all. So you get in touch with us and we will definitely be there to respond ASAP.
Finance Colombia: Is there anything that you wanted to mention that I neglected to ask?
Rupert Stebbings: No, I just think that a lot of people I think have been wondering why it’s taken so long, or longer than expected. But I think you have to be respectful with the authorities. This is something new. And every time you get a new product, they’re very careful about bringing something new to Colombia. People don’t understand. When they did the seaplane test in Ayapel, the members of Aerocivil had never been on a seaplane. So the people at the very top running the airline services, they don’t know what a seaplane is, other people don’t. So it’s very important. And we’re going to isolated places, where they’re not used to these kinds of services. They’re not even used to seeing airplanes, etcetera, or even many tourists. So there’s a big education process. We’re working, obviously, with the Ministry of Commerce and Tourism, FONTUR. So we’ve got a lot of partners. It’s taken longer than desired by anybody, but we’re getting there. And now I feel there’s been a definitely a pivot of the last few months in terms of, “let’s get this done and let’s get this done as soon as possible.”
Finance Colombia: Great. And one of the things that I think I’ve seen, no matter what administration, you know, I’ve been here 11 years, I think you’ve been here longer, is that there is—and this is not a right or left thing—but there is a consensus that tourism and especially things like nature tourism and sustainable tourism are a strategic path to not only pacifying the country… and we talk about terms of peace. We talk about terms of sustainability, not places that are over-touristed, but to really develop and to bring tourism to these, maybe up until now off-the-path areas that you guys will specialize in. So I think that there is a comfort, I should say, in that no matter what happens politically, that remains a priority no matter who is controlling the reins of government.
Rupert Stebbings: No question at all. And in the webpage, we even refer to that. And we also refer back to one year ago, COP16 in Cali, where USAID, which unfortunately is no longer with us, but they mentioned “Colombiamorfosis,” which is this program of getting tourists in new areas. And we’ve been to visit new areas. In Ayapel, we met with the governor of the Zenú people in Cecilia, which is the town they have there. And we’re looking to connect these new areas, and we’re getting approached all the time. Communities are saying, “Look, we’ve got amazing wildlife, birdlife, we’ve got walks you can do in the jungle. We can take boats across lakes.”
And so what we want to do is connect them, because according to the UN, and the Petro government has backed up on this, the fastest return on investment to get people out of poverty is through tourism. It’s a UN program. The UN tourism director is actually Colombian, Natalia (Bayona), who lives in Madrid. So we’ve been in touch with her. And again, we’ve seen tourism booming. It’s been a big bet of this government, no question. It’s been successful. But I’m absolutely sure whatever government comes in now, tourism is the way to go. It’s a way to get to remote areas and connect overseas tourists or local tourists who have the money with needy communities. And between them, you can make the connection and take some of these communities out of poverty and give them a little more dignity.
Finance Colombia: I’m super excited for you all, of course, as an organization and as people. I know a lot of you are involved in this. But then also for Colombia, because of the positive benefit that it can have for Colombia. Again, I think it’s a win for you all as an organization, it’s a win for Colombia as an economy and as a people, and it’s a win for whatever financial and commercial partners that are involved in this. And so I’m super optimistic. I can’t wait for my first ever seaplane flight. I know that airlines love to have these inaugural flight things- And I’m going to be mad if I see it in the news and I didn’t hear from you [Laughs.] Yeah, you’re going to be waving down from me from up the final approach right here, right? So I’ll be calling you on WhatsApp there. But thanks a lot for your time, Rupert. Always fun to talk to you guys, again, thank you also for your contributions as an individual. And you wouldn’t say this, but as an expert. It’s more fun because I don’t always agree with you, and that makes me nuts sometimes. But it makes it fun, you know. And so can’t wait till the next time. Keep us updated and count on us to keep the public posted on what’s going on at Alma Air.
Rupert Stebbings: [Laughs.] We’ll wave. No problem, it’s alright. [Laughs.] That’s life! Great, man. Thank you for your time, and I will see you on board in some place you didn’t know you could get to. Cheers, man. Take care.
A World Trade Organization (WTO) dispute panel has ruled that Colombia’s anti-dumping duties on frozen fries imported from Belgium, Germany, and the Netherlands are inconsistent with international trade rules.
In a report (WT/DS591/RW) circulated on October 23, 2025, the panel found that Colombia’s Ministry of Trade, Industry and Tourism (MINCIT) used a flawed methodology to calculate dumping margins, breaching its obligations under the WTO’s Anti-Dumping Agreement. The panel has recommended that Colombia bring its measures into conformity with the agreement.
The ruling is the latest development in a long-running trade dispute initiated by the European Union (EU). This specific panel was a “compliance” proceeding, convened under Article 21.5 of the DSU, to determine if Colombia had successfully complied with a previous WTO ruling against its measures.
The EU successfully argued that MINCIT violated Article 2.4.2 of the Anti-Dumping Agreement by using an improper comparison method. When the ministry could not find an “exact match” for an exported product, it established a “normal value” (the product’s price in its home market) by first calculating the weighted average price for each article in a “product group,” and then taking a simple average of those intermediate averages. This simple average was then compared to the weighted average price of the export transactions.
The panel found this methodology inconsistent with the agreement’s required weighted average-to-weighted average (W-W) comparison. A normal value based on a simple average “is not a ‘weighted average normal value’ within the meaning of Article 2.4.2,” the report states.
The panel determined this method “does not account for volume differences, thereby overweighting transactions involving ‘articles’ sold in small volumes domestically and underweighting transactions involving ‘articles’ sold in large volumes domestically”. This distortion led the panel to also find Colombia in breach of Article 9.3, as the resulting anti-dumping duties were higher than the dumping margin that would have been established using a correct, volume-weighted methodology.
However, the panel did not side with the EU on all claims. MINCIT characterized the ruling as a partial victory, as the panel rejected the EU’s separate claim that Colombia had violated the “fair comparison” requirement of Article 2.4.
This part of the dispute focused on three specific article-to-article comparisons made for the German exporter Agrarfrost GmbH & CO. KG. The EU alleged that MINCIT “arbitrarily selected” domestic products to compare with exported products, for example, by matching domestic article “503” with export article “10503” based only on the last three digits.
The panel rejected this, finding MINCIT’s establishment of the facts was “proper” and its evaluation “unbiased and objective”. The panel noted MINCIT did not just rely on the digits, but also on Agrarfrost’s own product catalog, which listed “Europe” and “Overseas” versions of the same product, supporting the “prefix” concept.
Crucially, MINCIT sent a letter to Agrarfrost directly asking if these specific article pairs were the same. Agrarfrost responded that they “are not the same” but confirmed they had common physical characteristics and provided the exact adjustments needed to account for differences in “packaging costs and marketing costs”. MINCIT then applied the very adjustments Agrarfrost had provided. The panel found this process was reasonable and did not constitute an unfair comparison.
The original investigation began in August 2017, with anti-dumping duties imposed in 2018. The EU first requested WTO consultations in November 2019. After the initial dispute, Colombia conducted a compliance review which concluded in 2023 with Ministerial Resolution 286, which upheld the duties. It was this 2023 resolution that the EU successfully challenged in the current panel proceeding.
The current anti-dumping duties, which are now called into question by the panel’s findings on Article 2.4.2, are:
In a public statement, MINCIT focused on the “partial” victory, stating the panel “approved the way it… used… the codes of some of the frozen potatoes to make the fair comparison.” The ministry acknowledged the finding that it “did not apply the most adequate methodology” regarding weighted averages and stated it “will proceed to advance a review of the process… and, if necessary, advance the actions that may be required.”
The ministry’s statement reiterated that the measures were adopted “with the objective of safeguarding the national industry” from the “damage” caused by dumped imports.
Headline photo: Gourmet French Fries in Bogotá, Colombia (photo © Loren Moss)
On Friday, October 24th, 2025, the same day that Colombian President Gustavo Petro called for (lightly attended) mass gatherings in protest against the US, and the Trump Administration announced the addition of Petro to “the Clinton List of sanctioned individuals connected to drug trafficking, Asobancaria, Colombia’s banking industry association announced the following (translated):
Bogotá, D.C., October 24, 2025 (@Asobancaria). The Colombian financial system has been a global benchmark in the fight against money laundering and terrorist financing for more than three decades. In fact, Colombia was the first country in the Americas to have an anti-money laundering system, following the 1992 Interbank Agreement for the Detection, Prevention, and Suppression of Illicit Capital Movements.
Since then, the country has maintained strict compliance with standards in this area, with collaboration and communication with both U.S. authorities and correspondent banks being essential.
In light of the recent decision by the United States government to include the President of the Republic, members of his family, and the Minister of the Interior on the OFAC list, the sector reiterates its commitment to compliance with international standards. At the same time, it will continue to act in accordance with financial consumer rights, local regulations, and the jurisprudence of the Constitutional Court.
The Colombian financial system will begin working in coordination with national and international authorities to preserve its stability and integrity, as well as the trust of its citizens.
In other words, the banks, through their trade organization, as not to expose any individual bank, have stated that they intend to comply with sanctions, subject to “financial consumer rights, local regulations, and the jurisprudence of the Constitutional Court.”
It is hard to imagine a local bank freezing President Gustavo Petro’s personal accounts during the remaining 10 months of his presidency. The President directly controls Colombia’s financial regulation agency, Superfinanciera, and also influences, Banco De La República, the country’s central bank. Once the president leaves office, unless replaced by an ally (somewhat unlikely), there is no love lost between the current leftist president and the financial sector. Aside from this, the local banks would have more to lose being cut off from the international financial system than from facing the ire of Petro’s remaining supporters, post-presidency. The banking sector and its shareholders have faced constant attacks from Petro during his presidency, with him calling them “oligarchs” and “controllers of capital.”
Should a Petro ally actually win next year’s presidential election, all bets are off, as the banks will face pressure to be sympathetic to Petro at the cost of losing access to the international financial system in an environment of accelerating capital flight and diminishing foreign direct investment (FDI).
In the short term, expect local banks to play a waiting game, It is not immediately apparent that Petro or his family has any great wealth to lose abroad, though the designation may seriously retard his apparent ambitions of being some sort of international revolutionary statesman on the global stage post-presidency, with travel and financial restrictions in OFAC compliant jurisdictions, almost everywhere except bastions of liberty such as Iran, Russia, North Korea, Cuba, and Nicaragua.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) today placed sitting Colombian President Gustavo Petro on its Specially Designated Nationals and Blocked Persons (SDN) List. The action, taken pursuant to Executive Order 14059, which targets foreign persons involved in the international proliferation of illicit drugs, marks an un precedented escalation in sanctions policy against a head of state from a key US ally in the region.
The designations signal a formal determination by the US Treasury Department that these individuals have materially contributed to, or pose a significant risk of materially contributing to, the global illicit drug trade. The action was announced in a Treasury press release detailing the sanctions against the President and his support network, and comes as an escalation in the public spat between Petro and US President Donald Trump.
The individuals added to the SDN List include:
The designations effectively place the individuals in a restrictive financial status typically reserved for terrorists, international criminals, and officials of sanctioned regimes.
The President’s son, Nicolás Petro is already on trial in Colombia by Colombian prosecutors for corruption and dealings with narcotraffickers. Even with his father as president, he has been able to avoid arrest and detention, with his jilted wife, Daysuris Vasquez, serving as a key witness against him.
Petro’s Interior Minister and primary political consigliere, Armando Benedetti has also been sanctioned. Petro’s own former Foreign Minister, Alvaro Leyva has publicly accused the president of being a cocaine addict, while Benedetti has openly admitted that he is a recovering cocaine and alcohol addict.
The designation to the SDN List carries defined and severe consequences under US law, primarily centered on financial blocking:
The sanctions imposed on Petro, his family, & Benedetti are commonly known as being added to “the Clinton List.”
Furthermore, the names are integrated into global compliance screening databases used by most international banks and financial institutions. This development is expected to isolate the designated individuals from the global financial system, making routine actions such as international wire transfers, opening bank accounts, and using credit services highly problematic or impossible.
The SDN designations carry different risks based on the current and future governmental status of the designated officials.

President Gustavo Petro posing for a photo with his son Nicolás Petro. (Credit: Presidencia de la Republica)
While President Petro holds his position, official governmental dealings between the US and Colombia may continue, potentially protected by principles of sovereign immunity. However, the designation is applied to him as an individual for illicit activities, not in his capacity as head of state.
When President Petro’s term ends in August 2026, he and his family will lose any residual protections or considerations afforded by his presidential office.
Friday afternoon, the Colombian & US governments issued the following diplomatic statements (Colombian statement translated to English by Finance Colombia):
Due to President Gustavo Petro’s disastrous and ineffective counternarcotics policies, Secretary of State Marco Rubio will not certify Colombia under the criteria of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2024, as carried forward by the Full-Year Continuing Appropriations Act, 2025. President Trump made it clear in his September 15 determination [on Major Drug Transit or Major Illicit Drug Producing Countries for Fiscal Year 2026] that Colombia is “failing demonstrably” to uphold its drug control responsibilities. Petro has since doubled down in defense of his failed policies.
The United States will not turn a blind eye to Petro’s appeasement and emboldening of narco-terrorists. We are committed to bringing terrorists and drug traffickers to justice and preventing deadly illegal drugs from entering our country. There must be no impunity for drug traffickers or acts of terrorism or violence by criminal armed groups.
We remain steadfast in our support for Colombian security forces, its justice sector, and departmental and municipal officials, and we will continue to partner with them in our joint efforts to combat drug trafficking. Today’s decision is not a reflection on these institutions but rather the failures and incompetence of Gustavo Petro and his inner circle.
In addition to today’s announcement of the decision not to certify Colombia, the United States, through the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), is sanctioning four Colombian nationals, including President Gustavo Petro, Petro’s wife Veronica, his son Nicolás, and Minister of Interior Armando Benedetti for their involvement in the global illicit drug trade. Narcotics trafficking and narcoterrorism continues to fuel violence, corruption, and instability in Colombia, while also posing significant challenges to regional and international security.
Today’s announcement concerns a decision not to certify Colombia for certain FY2025 assistance under section 7045(c)(3)(A) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2024 (Div. F, P.L. 118-47), as carried forward by the Full-Year Continuing Appropriations Act, 2025 (Div. A, P.L. 119-4). Today’s designation actions were taken pursuant to Executive Order (E.O.) 14059, which targets the international proliferation of illicit drugs and their means of production. For more information about today’s designations, please see Treasury’s press release.
The Ministry of Foreign Affairs expresses its strong rejection of the inclusion of the President of the Republic of Colombia, Gustavo Petro Urrego, his family, and the Minister of the Interior, Armando Benedetti, on the List of Specially Designated Nationals, updated today by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury. This decision is completely unfounded and constitutes an affront to the President of Colombia, the highest administrative authority and Supreme Commander-in-Chief of the Armed Forces, and to the entire Colombian people.
The Colombian Ministry of Foreign Affairs also condemns the offensive and outrageous statements made by Scott Bessent, Secretary of the Treasury of the United States, against the Colombian President, which also constitute an insult to someone who has maintained a frontal and tireless fight against drug trafficking for more than three decades, and who has achieved during his administration the largest seizures of illicit drugs in recent history, thanks to a policy defined by him and under his orders as Commander-in-Chief of the Public Force, aimed at comprehensively combating the scourge of drugs.
The OFAC decision and the insulting treatment the President has received in recent days violate not only his honor, but also the memory of the thousands of Colombians who have sacrificed their lives in the fight against drug trafficking.
These hostile acts, which not only insult but also disregard the fight against drug trafficking waged by President Gustavo Petro Urrego, the Armed Forces, and Colombian society, do nothing to normalize diplomatic relations between the two countries.
For Colombia, the strategic relationship with the United States is governed by a vision of the State, independent of the current political cycles of each country, and is based on the close economic, social, and cultural ties built over more than two centuries of collaborative work. The Colombian people expect the United States government to value and respect its relationship with Colombia in the same way other nations do with our country.
Headline image: Colombian President Gustavo Petro (left) with Interior Minister Armando Benedetti (photo: Presidency of Colombia)