Colombian President Gustavo Petro has reported an alleged plot by drug traffickers to assassinate him by targeting the presidential aircraft with missiles. This announcement was made during the inauguration of General Carlos Fernando Triana as the new director of the National Police.

President Petro stated that the drug traffickers have acquired two missiles with the intent to “bring down” the presidential plane. He attributed this threat to his administration’s intensified actions against narcotics organizations involved in cocaine production and trafficking. However, he did not provide specific evidence or identify the groups responsible for the alleged plot.

The wild claim came during the appointment ceremony of new National Police head, Brigadier General Carlos Fernando Triana.

Petro insists his administration is taking action against narcotraffickers, though cocaine production is at an all time high under his administration, and armed rebel groups such as the ELN and dissidents of the former FARC who rejected the 2016 peace accords are regrouping and reinvigorated under Petro’s administration. Petro, an ex rebel himself, ran on a platform of “Total Peace,” promising to negotiate with these groups, but instead, they have stepped up attacks, leading to a humanitarian crisis in the northeast region of Catatumbo, and this week, an armed curfew in the Pacific department of Chocó was imposed by communist rebel group ELN, where guerillas have forced all businesses to shut down, demonstrating the dominance of the guerillas over the impotent presence of the national government in the region.

Colombia remains the world’s leading producer of cocaine, with various guerrilla groups, criminal bands, and both national and international cartels engaged in the drug trade. This illicit industry has fueled a six-decade-long internal conflict, resulting in over 450,000 deaths and millions of displaced individuals. In 2024, Colombian security forces seized a record 883.8 metric tons of cocaine, surpassing the previous year’s figure of 746.3 tons. The United Nations reported that coca cultivation covered 253,000 hectares in the country during the same period.

This is not the first time President Petro has reported threats against his life. Since his election in 2022, he has mentioned multiple assassination plots, including a supposed plan involving explosives at a public event, as informed by the U.S. Drug Enforcement Administration (DEA). Additionally, he has accused groups such as the National Liberation Army (ELN) and dissident factions of the Revolutionary Armed Forces of Colombia (FARC) of attempting to kill him. These allegations have been met with skepticism by opposition figures, who describe them as incendiary, lacking in evidence, and perhaps an attempt to one-up the attack on the presidential helicopter during the term of previous President Ivan Duque, by small arms fire from a criminal group in Cúcuta, the nearest city to the troubled Catatumbo region,

The recent claim adds to a series of challenges faced by President Petro’s administration, including internal disputes and controversies involving close associates. These issues have exposed fractures within the government, raising concerns about its stability and effectiveness, negatively affecting foreign direct investment (FDI).

The appointment of General Triana

Petro’s comments overshadowed the theme of the gathering, the appointment of Brigadier General Carlos Fernando Triana as the new director of Colombia’s National Police, succeeding General William René Salamanca. The transition occurred amid ongoing security challenges in the country, including a notable increase in homicides, particularly in Bogotá.

General Triana has over 30 years of experience within the National Police, having held various administrative and strategic positions. Notably, he served as the director of the Retirement Pay Fund (Caja de Sueldos de Retiro) and has been recognized for his commitment to institutional integrity and public service.

The change in leadership aligns with a series of adjustments within the upper echelons of the government, as directed by President Petro. General Salamanca, who had returned from retirement to assume directorship in April 2023, departs amidst these strategic shifts.

During the ceremony, President Petro highlighted the critical role of the National Police in addressing the nation’s security issues, and emphasized the importance of leadership in implementing effective strategies to combat crime and ensure public safety.

General Triana’s appointment comes at a time when the National Police are intensifying efforts to tackle various security concerns, including operations targeting extortion schemes orchestrated from within the prison system. In December 2024, a significant operation led to the arrest of eight individuals, among them six guards from the National Penitentiary and Prison Institute (INPEC), underscoring the ongoing challenges within Colombia’s correctional facilities.

As General Triana assumes his new role, the focus remains on enhancing the effectiveness of the National Police in safeguarding citizens and upholding the rule of law across Colombia.

Headline photo: Presidency of The Republic

Avianca has appointed Valeria Yglesias as Senior VP of Loyalty and Managing Director of LifeMiles. Avianca in a statement said that her main challenge is to continue expanding the reach of the program in the region and the benefits offered by the Avianca loyalty program, in addition to taking care of the airline’s loyal members.

Valeria Yglesias joined Avianca in 2010, in the LifeMiles division, and has served as Senior Director of Business Partners and later as Commercial Vice President, leading the company’s growth strategy throughout the region. Yglesias earned a Master of Business Administration (MBA) from the INCAE Business School and represented the business school at the Goizueta Marketing and Strategy Competition at Emory University in Atlanta. She also completed a Digital Marketing Strategy program at Kellogg Executive Education.

Headline Image: Valeria Yglesias. Photo credit: Avianca.

The Administrative Department of Disaster Risk Management of Antioquia (DAGRAN), along with the Municipal Councils for Disaster Risk Management of Anorí and Amalfi, and Empresas Públicas de Medellín (EPM), have issued a public safety advisory alerting that unauthorized mining activities near the Porce III hydroelectric plant is threatening the safety of nearby communities.

Unauthorized mining operations by unidentified parties on EPM-owned properties within Anorí and Amalfi municipalities have been identified. These activities pose risks to downstream populations along the Porce III discharge area and the Nechí River.

The illicit mining has led to slope instability and compromised the Porce III plant’s infrastructure. Alterations in the Porce River’s dynamics have increased the likelihood of landslides and flash floods, potentially affecting several communities.

Monitoring indicates that these mining activities are also threatening the stability of the Porce III facilities, thereby jeopardizing the nation’s energy security. EPM has initiated legal proceedings against those responsible for the unauthorized mining to safeguard nearby communities and protect the plant’s infrastructure. Contingency measures are being implemented to mitigate identified risks.

To address these critical risks, immediate actions will commence, including the removal of an illegally constructed embankment in the riverbed. This removal may temporarily increase downstream water flow in the Porce River as the river’s hydraulic section is restored. Communities are advised to stay informed through established communication channels—phone calls, WhatsApp groups, and community leaders—for timely updates and safety instructions.

Porce III Hydroelectric Dam. 

Image Credit: EPM, DAGRAN.

The legal dispute over the San José galleon wreckage, one of history’s most significant maritime discoveries, has intensified as the Colombian government faces a $10 billion lawsuit from the US treasure hunting company Sea Search Armada (SSA). The lawsuit centers around SSA’s claim to a portion of the treasure enclosed in the ship, which sank in 1708 while traveling from Panama to Cartagena.

The treasure, including gold coins and emeralds, is estimated to be worth between $4 billion USD and $20 billion USD. SSA argues that it located the wreck in the 1980s and provided Colombia with the coordinates. However, Colombia is denying this, citing discrepancies in the coordinates provided by SSA.

The San José galleon was sunk by the British Navy during the War of Spanish Succession. After remaining undiscovered for centuries, SSA (known as Glocca Mora at the time), partnered with Colombia in the 1980s to search for the wreck. In 1982, SSA submitted coordinates for the wreck’s location, but disagreements over the division of the treasure caused the wreck to remain untouched.

The case was brought back in 2015 when Colombia announced it had independently found the wreck. In response, SSA demanded compensation, claiming it deserved a $10 billion USD share of the treasure.

Colombia insists in defending its position. Yebrail Haddad, Director of International Defense at Colombia’s National Agency for the Legal Defense of the State (Andje), firmly rejected SSA’s claims. According to The Bogotá Post, he emphasizes that SSA did not discover the San José galleon. An investigation commissioned by Colombia from the Woods Hole Oceanographic Institution found that SSA’s 1982 coordinates were off by as much as 10 kilometers, bringing doubt on the validity of SSA’s role in locating the wreck.

The case is currently being heard by the Permanent Court of Arbitration in The Hague, with a ruling expected by the end of 2025. Haddad stated that Colombia will not entertain a financial settlement with SSA, pointing that the treasure rightfully belongs to Colombia and that no compromise is possible.

Alongside the legal battle, Colombia has continued its efforts to preserve and study the San José galleon. In December 2024, Colombia declared the wreck site an “Area of Archaeological Protection” to ensure its preservation and limit any interference with ongoing research, as informed by the Ministry of Culture.

The project “Towards the Heart of the San José Galleon” has made significant progress, cataloging over 1,100 objects and uncovering new details about the ship’s sinking. Contrary to previous beliefs, the ship did not explode during the Battle of Barú.

Headline Photo: Image of the first expedition of 2024 to the San José Galleon. New areas of archaeological interest were identified in it (Photo: Ministerio de Cultura)

The Board of Directors of Afinia, in its session on Friday, February 14, 2025, appointed economist Ricardo José Arango Restrepo as the new general manager of this subsidiary of the EPM Group in the Caribbean Region and began his management on February 17.  The new director replaces Jhon Jairo Granada Giraldo, who had been in the position since March 2024, and whose resignation was accepted by the board of directors in recent days.

Arango is a specialist in Transnational Business from the Universidad Externado de Colombia, Financial Management from the Universidad Pontificia Bolivariana, and Senior Management from the Universidad de los Andes.

In his professional career, he has served as manager of GTA Group Services, was General Commercial Director of Air-e S.A. E.S.P. (between December 2022 and June 2023), a company in which he also served as Director of Technology and Human Talent (between October 2020 and November 2022); likewise, he was director of Human and Administrative Talent of Industrias Haceb S.A., northwest regional manager of AFP Porvenir S.A., among others.  His role as Local Manager of the “Seventh Session of The World Urban Forum UN-Habitat” stands out in his professional experience.

The new leader of Afinia is a person with experience within the EPM Group, where he has held different positions such as Vice President of Human Talent and Technology, Manager of EPM Group Services, Director of External Relations and Environment, and Commercial Manager.

The general manager of EPM and leader of the EPM Group, John Maya Salazar, thanked civil engineer Jhon Jairo Granada Giraldo for his management at the head of Afinia and affirmed that the arrival of Ricardo Arango added to the will of the national government and other key actors, real solutions and commitments can be found for the sustainability of Afinia and the benefit of the more than 1,807,000 users of the company in the Caribbean Region.

Headline Image: Ricardo José Arango Restrepo. Photo credit: EPM Group.

Colombian companies like businesses around the world have been expanding their reach internationally and into Europe. That makes business travel into the European Union (EU) necessary. With every business trip to Europe, there is Value Added Tax (VAT) involved. Do you know that most of the VAT paid on a business trip to Europe can be recovered by the company?

Many Colombian companies, however, appear to fail to recover the refundable VAT they are entitled to, on their overseas business expenses. This misguided indifference results in millions of euros being left unclaimed annually – funds that could be reinvested in business growth and operational efficiencies.

Let’s study the probable reasons for VAT on business travel not being recovered.

Lack of Awareness: A Major Obstacle

Perhaps one of the main reasons Colombian businesses do not recover VAT is a lack of awareness. Many business leaders or owners do not seem to realize they can reclaim VAT on expenses such as hotels, transportation, conference fees, and business-related purchases. Unlike North American and Asian companies that actively take advantage of VAT recovery, Latin American businesses, especially in Colombia, lag.

Additionally, the complexity of VAT regulations across European countries further discourages companies from exploring this opportunity.

Skepticism Toward VAT Recovery Companies

Colombian companies who may even be aware of VAT recovery opportunities often hesitate to engage professional firms specializing in the recovery process. Many financial officers worry about hidden fees, excessive bureaucracy, or lack of transparency. Some also fear that filing VAT refund claims might attract unnecessary scrutiny from European tax authorities, leading to audits or additional paperwork.

Such skepticism may typically prevent businesses from reclaiming substantial amounts of VAT. However, reputable VAT recovery firms operate on a success-based fee model, charging only a percentage of successfully recovered VAT. Frequently referred to as a contingency fee. A company does not have to pay anything until the VAT is refunded. That’s a win-win situation.

Understanding how to identify trustworthy firms (not a difficult process at all), could alleviate concerns and encourage more companies to act.

Internal Inefficiencies: A Costly Barrier

Many Colombian companies lack streamlined systems for tracking VAT-eligible expenses, making the recovery process more challenging. Common inefficiencies include:

• Poor internal documentation processes: Companies often fail to retain proper VAT invoices and receipts, which are essential for VAT recovery claims.
• Lack of Accountability: Without a person who has been made responsible for VAT recovery, claims will regularly go unfilled, leading to lost opportunities.

Millions Left on the Table

The financial impact of failing to reclaim VAT is significant. Colombian companies doing business in Europe collectively forfeit millions of euros annually. This unclaimed money represents a missed opportunity for reinvestment in business expansion, innovation, and operational improvements.

For example, a company that spends €50,000 EUR annually on European business travel could be eligible for VAT refunds of up to 20-25%. That could potentially lead to a recovery of up to €12,500 EUR per year. Over time, these lost refunds add up to considerable amounts of lost capital.

By educating company teams, leveraging technology, and seeking professional guidance, businesses can reclaim substantial funds that are rightfully theirs

Steps to Maximize VAT Recovery

• Engage professionals: Partnering with reputable VAT recovery firms can simplify the process and maximize refunds.
• Educate finance teams and travelers: This is often handled by VAT recovery companies. They create information leaflets. It will be good for nominated people from the company’s finance department to learn more about VAT refunds. Additional knowledge can be acquired as the company moves ahead with the process.
• Establish internal protocols: Businesses should create clear policies for collecting, reviewing, and submitting VAT-eligible receipts and invoices.
• Stay updated on regulations: European VAT regulations vary country by country and change periodically. Staying informed ensures compliance and maximized recovery. Again, a VAT recovery company’s account manager will keep contacts in the finance department updated.
• Leverage technology: It would, of course, be an advantage to implement digital expense management solutions. It would ensure accurate tracking and documentation of VAT-eligible expenses. Technology could assist greatly but is not needed for the process. Small and Medium Businesses (SME), can easily recover VAT as well.

In Conclusion

Colombian companies must shift their perspective on VAT recovery – from viewing it as a complex and troublesome process to recognizing it as a strategic financial opportunity. Barriers such as awareness gaps, distrust, and inefficiencies continue to persist, but they are not insurmountable. By educating company teams, leveraging technology, and seeking professional guidance, businesses can reclaim substantial funds that are rightfully theirs.

With Colombian-European business relations expanding year-on-year, ignoring VAT recovery is no longer an option. Companies that fail to act are leaving money on the table. Recognizing and addressing this issue can lead to significant financial benefits, making VAT recovery an essential strategy for long-term business success.

Headline Image Credit: Mano Chandra Dhas.

Despite significant legal disputes and controversy surrounding his appointment, Jorge Andrés Carrillo (above, left) has officially been confirmed as the new president of Interconexión Eléctrica S.A. (ISA), majority owned by state petroleum giant Ecopetrol (NYSE: EC).  On January 24, the Superintendence of Companies confirmed the validity of Carrillo’s appointment, officially making him the company’s legal representative.

Through a press release, ISA informed the appointment was also confirmed by the Chamber of Commerce of Medellín for Antioquia on January 10, despite opposition from an investor who filed a complaint against the registration. “Based on the decisions from the Chamber of Commerce of Medellín and the Superintendence of Companies, as of today, the appointment of Jorge Andrés Carrillo as ISA’s legal representative is officially registered,” the communication stated.

Carrillo’s appointment, made on August 15, 2024, was not unanimous and sparked significant polarization within the board. Five members of the board supported his appointment, while the other four opposed having Carrillo lead the energy company. This division has continued to fuel the controversy surrounding his election.

ISA’s board of directors have nine members, of whom only two are not independent members of the company: Ricardo Roa Barragán (president of Ecopetrol) and David Alfredo Riaño (vice president of Low Emissions Solutions at Ecopetrol).

Critics of Carrillo’s appointment argued there was a lack of transparency in the selection process. The discontent over his election was significant enough to reach the Council of State, the process lacked clarity due to missing records and documents from the meeting in which the decision was made.

In mid-December, local newspaper El Tiempo revealed that the Council of State requested ISA’s board of directors to submit the procedures related to Carrillo’s appointment. The court demanded verification of the registration with the Chamber of Commerce of Medellín. “At this point, it must be indicated whether the individual in question has effectively assumed the position and whether it is producing legal effects,” the tribunal stated.

Further concerns were raised by Empresas Públicas de Medellín (EPM), which holds 8.8% of ISA’s shares. EPM expressed unease after learning that Carrillo had received one of the lowest scores in the selection process for the role. Additionally, key testimonies that highlighted negative experiences, especially during his tenure as the general manager of EPM, were allegedly overlooked. “[EPM] reaffirms its commitment to the defense of corporate governance,” highlighted their official press release.

While Carrillo’s appointment has now been legally confirmed, the dispute over his election is far from resolved, with new revelations and various parties questioning the transparency and integrity of the process and Carrillo’s performance.

Carlos Raúl Yepes, former president of Bancolombia, last Thursday, February 13, sent his resignation letter to the board of directors arguing his disagreement with the election of Carrillo as ISA administrator.

“I declare myself against the flagrant and recurring violation of the by-laws, regulations and internal agreements, legal provisions and the code of good corporate governance in the selection and election of Jorge Andrés Carrillo Cardoso as president of ISA,” explained Yepes to El Tiempo as he resigned from being a member of the board.

Headline photo: Jorge Andrés Carrillo (Photo: ISA)

Wingo, a Colombian budget airline owned by Panama-based Copa (NYSE:CPA), will continue its growth process during 2025 to provide more seats at a low cost to the Colombian  passenger aviation market. For this year, the airline projects a 10% increase in passengers, thus reaching a total of 3.6 million passengers. This figure represents Wingo’s best operational performance since its founding as an airline and allows it, in turn, to consolidate its position as the low-cost airline with the most robust operation in Colombian territory.

“We closed the first month of 2025 with a very good performance associated with the end of the high holiday season. We are increasingly gaining the preference of the Colombian traveler, who finds in us a safe, punctual, and low-cost operation; that is, a product in line with their expectations. For 2025, we will continue to expand our route network to grow double-digit in the seats offered and passengers transported,” said Eduardo Lombana, CEO of Wingo.

More capacity for the Colombian market

Wingo will expand its offer of seats in the Colombian domestic market this year to continue growing in passenger preference and offer more low-cost options in an increasingly competitive environment. This includes increasing frequencies on existing routes and incorporating new routes, such as the recently launched one between Bucaramanga and Santa Marta. As a result of this operational decision, more than 60% of the airline’s seats will be destined for flights within the country.

“In 2025, two out of three Wingo seats will be focused on the national domestic market. This adjustment in our route network responds to the growing demand for our product that we registered during 2024 in Colombia,” Lombana highlighted.

Headline Image: Photo credit: Wingo.

The food supply in Colombia’s main wholesale centers showed a slight decrease, of 0.7%, in January 2025 compared to the same month of the previous year. As for the cities, there were increases in supply in Manizales (+23%), Valledupar (+17.2%), and Sincelejo (+10.3%). However, cities such as Ipiales (-31.4%), Tunja (-10.3%), and Cali (-9.3%) showed significant reductions.

In general, by food group, the supply of meat (+4.7%), fish (+3.8%), processed foods (+3.8%), and vegetables (+1.6%) increased. At the same time, a reduction was observed in grains and cereals (-5.1%), tubers, roots, and bananas (-3.2%), and fruits (-1.1%), key sectors for the basic diet of Colombians.

Relevant figures

• Tubers and roots: although products such as ginger (+216.6%) and yams (+24.6%) increased their supply, potatoes, one of the most consumed foods, registered a decrease of 4.4%.
•  Fruit: avocado (+36.9%) and mango (+22.2%) stood out with significant increases, while essential fruits, such as oranges (-28.4%) and tree tomatoes (-16.5%) decreased.
•  Vegetables: beets (+17.7%) and onions (+11.5%) showed a greater supply, unlike products such as beans (-12.5%) and carrots (-5.6%).

Dora Inés Rey Martínez, acting director of the Rural Agricultural Planning Unit (UPRA), highlighted the importance of monitoring supply behavior to ensure the country’s food security: “Stability in the food supply is essential for Colombia’s food security. Efforts must strengthen the production and logistics of basic foodstuffs, ensuring that they arrive constantly and affordably on the tables of all Colombians.”

“The UPRA reaffirms its commitment to the development of public policies that ensure the sustainability of agri-food production, promote crop diversity, and guarantee constant supply throughout the national territory,” she added in a statement.

Photo credit: Colombia’s Rural Agricultural Planning Unit (UPRA)

The labor market in the rural sector and agriculture, livestock, hunting, forestry, and fishing activities showed a recovery during December 2024; the unemployment rate in the rural sector remained stable at 7%, while the employed population increased by 146,685 people, representing an increase of 3.1% compared to December 2023 and reaching a total of 4.9 million workers.

Highlights of the sector in December 2024

•  The employment rate in the rural sector was 57.7%; which represents an increase of 1.2 percentage points compared to the previous year.
•  The overall participation rate increased by 1.3 percentage points to 62.1%.
•  In the October-December 2024, the employed population in the rural sector increased by 62,172 people (+1.3%).

Similarly, in parallel with the employment growth, the agriculture, livestock, hunting, forestry, and fishing sectors registered an increase of 36,645 people employed in December 2024 compared to the same month in 2023; an increase of 1.2%. However, in the October-December quarter, the sector registered a decrease of 99,418 employed people (-3.9%).

Dora Inés Rey Martínez, acting director of the Rural Agricultural Planning Unit (UPRA), highlighted the importance of this growth and the commitment to strengthen working conditions in the Colombian countryside: “The rural sector is the essential engine of the country’s development. These results show their resilience and potential; however, the challenge of informality reminds us that we must continue working to guarantee better conditions that allow us to continue working for the food security of Colombians and the sustainable growth of the countryside.”

At the national level, during 2024 the country registered a national unemployment rate of 10.2%, a figure similar to that presented in 2023: 10.2%. At the same time, the country’s employed population was 23 million and increased by 247,649 people (+1.1%) compared to 2023. For its part, the agriculture, livestock, hunting, forestry, and fishing sectors employed 3.3 million people in the country; an increase of 3,007 employed people (+0.1%) compared to 2023.

 Photo credit: Rural Agricultural Planning Unit (UPRA) of Colombia.