The court decision leaves null the decision of the Grupo Sura board of directors in November to accept the takeover bid that Gilinski offered to Nutresa on grounds that the board did not have a legal quorum when the decision was made and finalized, reports Valora Analitik.

The original case was filed by Diego Patiño Moreno, arguing that the decision could only be finalized if all seven of the board members were present, or if people endorsed at the company’s shareholders’ meeting were voting at the proceedings.

The Tenth Civil Court of Medellín had agreed with Moreno’s argument, but one of the Grupo Gilinski’s representatives, former Colombian commerce minister María Ximena Lombana, had argued that the quorum number should have been made with the number of members in the current position and not with the number of positions available.

Judge Piedad Cecilia Vélez of the Superior Court of Medellín ended up siding with Moreno after reviewing all the data of the case.

The battle between Nutresa and Gilinski has been ongoing for months, as Colombian billionaire Jaime Gilinski attempts to leverage his alliance with the IHC in order to take over Nutresa, Grupo Sura, and Grupo Argos, the Financial Times reported.

The takeover attempt by Gilinski escalated throughout 2022, and appear to have the ultimate goal of taking over the informal cross ownership alliance known locally as Grupo Empresarial Antioqueño (GEA), which manages 125 companies and is a significant driver of Medellín’s regional economy. So far, however, neither Gilinski nor the IHC has been able to obtain a clear majority in any of the three companies.

“At the moment, Gilinski…doesn’t control anything,” analyst Daniel Guardiola told Financial Times. “And you don’t invest over $2.5 billion not to control anything.”

The hostile takeover attempts seem to be losing their effectiveness as nearly all of the remaining shares of Nutresa have as a response, been concentrated by GEA allied investors, cross-shareholders between the three companies (Nutresa, Sura, and Argos), and long-time wealthy families based in Medellín that have so far refused to yield to the bids Gilinski has pushed in the country.

The most recent takeover bid that Gilinski and the IHC spearheaded and which was not ratified by the Superior Court could also be seen as a failure as the company fell significantly short of the shares and control they were seeking, getting only 35 million shares out of their goal of 114 million and gaining only 7.71% of the outstanding shares in the process.

The fight between Grupo Gilinski and the GEA seems to be spreading to court, government investigations, as well as the public sphere, as Gilinski’s son Gabriel is being accused of using Gilinksi’s own Colombian newsmagazine Semana to spearhead a smear campaign against the executives of the GEA, Portafolio reported.

As first reported by investigative reporters at “Cuestión Pública” (Public Question) while investigating the ÑeñePolitica vote-buying scandal that has ensnared the presidency of Ivan Duque and the Centro Democratico political party of his patrón (godfather) Alvaro Uribe, Colombia’s army has been caught creating an “enemies list” of individuals and entities that it has deemed “opposition.”

The actions of the Colombian Army are extremely grave and a demonstrable threat to human and civil rights in Colombia. When the army creates a clandestine “opposition” list of media & civil society groups, it recalls shadows of Pinochet, political torture and assassination. The gravity of this act cannot be overstated.

Above image – BONE-CHILLING: “National Army of Colombia has added you to its list ‘Opposition'” 

Ominously,few if any of these groups are political radicals or anti-military, rather anti-corruption civil society groups, mainstream media, and indigenous activists. The military operatives in control of the Colombian military’s Twitter account failed to realize that users’ twitter accounts were notified when they were added to the “Oposición” list created by the Colombian Army.

Once questioned, the operatives immediately deleted the Twitter list. This comes as the Colombian government headed by Ivan Duque is embroiled in multiple scandals, faces tiny public approval, and was just excoriated by the United Nations for human rights violations. Several of the journalists are hot on the trail of the #Ñeñepolitica vote buying scandal that ties massive political corruption and organized crime to the Centro Democratico political party of Alvaro Uribe and the presidential election of his hand-picked candidate Ivan Duque.

Several journalists have already denounced Colombia’s internal security organs for improperly surveilling and intimidating investigative journalists, as revelations seem to further entangle Uribe and Duque.

Though one could argue why the military might view the FARC and some of its top leaders as “opposition,” similar justification does not exist for several of the other groups included on the enemies list. Even the FARC has demobilized, laid down arms and is participating in the political system as agreed by the 2016 peace accords signed between them and then-President Juan Manuel Santos.

• Colombia2020, an initiative of mainstream newspaper El Espectador
• ANZORC “Asociación Nacional de Zonas de Reserva Campesina,” a rural civil group
• ASCAMCAT “Asociación Campesina del Catatumbo” a rural civil group in the violent Catatumbo región
• JEP—Jurisidiccion Especial para la Paz; the government entity set up to implement the historic peace accords signed by the previous administration
• José Miguel Vivanco, Americas director of Human Rights Watch
• Aída Avella, Colombian senator
• Gustavo Petro, Colombian senator
• Gustavo Bolívar, Colombian senator
• Iván Cépeda, Colombian senator
• Gustavo Gómez, reporter with Caracol Radio
• Ignacio Gómez, editor with Noticias Uno
• Salud Hernandez, journalist with Semana weekly magazine
• Vicky Dávila, journalist with Semana weekly magazine
• Contagio Radio
• CRIC indigenous advocacy group
• ONIC indigenous advocacy group

The list, before it was made to disappear, had 33 Twitter accounts and appeared to be still under construction, or in other words, was not complete.

#Atención Tras publicación de nuestros hilos investigativos sobre la #ÑeñePolítica, el Twitter oficial del Ejército colombiano @COL_EJERCITO incluyó nuestro medio @cuestion_p en una lista llamada #Oposición. Exigimos respuestas ante esta agresión que nos pone en riesgo. @FLIP_org pic.twitter.com/uaaLJW317v

— Cuestión Pública (@cuestion_p) March 10, 2020

Article 219 of the Colombian Constitution prohibits the military from political interference. Pedro Vaca, director of Colombian freedom of the press foundation FLIP demanded to know “Whoever is in charge of administering the @COL_EJERCITO should explain the criteria under which twitter accounts are added to the military “opposition” list.

Que una cuenta en redes de @COL_EJERCITO elabore lista de OPOSITORES con cuentas y nombres de periodistas es una muestra clara de que, en ocasiones como esta, a “Inteligencia Militar” le sobra una palabra. Pavoroso, ofensivo y peligroso. Que dirá @IvanDuque comandante en jefe…

— GustavoGómezCórdoba (@gusgomez1701) March 10, 2020