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Colombian presidential hopeful Sergio Fajardo is one of the defendants the comptroller held responsible in today’s ruling, along with former Medellín Mayor Federico Restrepo, former candidate Alonso Salazar, and former CEO of EPM / current CEO of Cementos Argos, Juan Esteban Calle.

Bond investors and ratings agencies will be watching closely for signs that Carrillo has both the autonomy and acumen to successfully move the company forward while avoiding the political intrigue brewing in Colombia’s second largest city.

According to former GM Rendón in several interviews, the mayor fired him due to his resistance of the mayor's interference in EPM’s internal management, contrary to the established corporate governance framework that allows EPM to operate as a business without direct political...