COLOMBIA, Oct. 5, 2000, (Global News)The sale of Colombia’s power generation company Isagén could be deferred up to three years due to its legal problems.
A possible solution would be an agreement between the EE.PP.M and the government so that, after the repeal of rules in question, they jointly go to the Constitutional Court and ask for the annulment of the ruling issued by that court, which determined the suspension of the sale process until the State Council, the highest judicial authority, issues its decision.
At present, a petition was filed against the Energy and Gas Regulatory Agency’s Resolution N 042 from 1999, which restricted the participation of EE.PP.M in the purchase of Isag
In a very optimistic framework, the only petition filed against resolution N 042 would be settled by the State Council within three or four months, that is, by January or February 2001. However, it would usually take a year or so to reach such decision.
Moreover, because of other claims, the legal issue could take two or three years at the State Council, according to usual proceedings.
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