Through Resolution No. 2025-01-037688, the Superintendence of Companies confirmed the imposition of a sanction on a telecommunications company for failing to properly implement its Business Transparency and Ethics Program (“PTEE”). The company’s specific breaches were grouped into three main PTEE “macro areas”:
- Lack of adequate procedures for establishing a PTEE (5.1): The company failed to properly apply key elements such as the procedures for design and approval, compliance audits, dissemination and training, implementation of communication channels, and proper allocation of responsibilities, particularly regarding the Compliance Officer.
- Failure to implement essential stages of the PTEE (5.2): The company did not adequately apply the required elements for the stages of the PTEE, including the identification of Corruption and Transnational Bribery (C/TB) risks, identification of risk factors, risk measurement or assessment, and the control and monitoring of the program’s compliance policies.
- Absence of a Due Diligence procedure design (5.3): The company did not properly design a due diligence process concerning C/TB risk.
The imposed sanction amounts to COP 88,000,000 for the three aforementioned breaches. Initially, the fine was set at COP 115,000,000; however, the company submitted documentation demonstrating certain actions aimed at complying with some of the observed requirements, although without fully addressing them. Accordingly, the sanction imposed by Resolution No. 240-011415 of July 11, 2024, is partially upheld for this company.
