BOGOTA, Colombia— President Belisario Betancur national zed a major private bank and three related financial institutions Friday that had suffered difficulties since 1983.
The government said it will invest $87 million into the Colombian national bank, $40 million in the Grand Colombian Financial Corporation and $25 million for two companies, Pronta and Grand Colombia Commercia $150 million foreign debt.
In December 1983, Betancur intervened to remove Jaime Michelsen as director of the Grand Colombian Financial Group, umbrella organization for the bank and the related financial institutions.
Authorities claimed bank group officials had mismanaged funds of stockholders and clients. Michelsen fled to Miami, Fla., to avoid an arrest.
Article extracted from this publication >> January 17, 1986
