Daniel Coronell has been undertaking a smear media campaign for several months in favor of the GEA administrators and once morest the new shareholders. It is important to mention that Coronell was fired from WEEK and, through its companies, it receives money from the GEA. Shareholder resources.
The purchase operations in the market by JGDB Holdings SAS and Nugil SAS are perfectly legitimate and, to date, have accumulated an investment of nearly 12 billion pesos. If the ongoing takeover bid for Argos is successful, the figure would rise to regarding 16 billion pesos.
Operations in capital markets of this style are common in developed countries. If cornered administrators or people like them want to blame someone, they should reflect. The person most responsible is David Bojanini, former president of Sura, who presided over the largest destruction of stock value in Colombian history.
The 3 pillar companies of the GEA went from being worth US$27 billion a decade ago, to just US$7 billion, when the takeover bids began in November 2021.
This has several explanations, including acquisitions that Mr. Bojanini led at exorbitant prices to enlarge his empire at the expense of the shareholders, salaries, bonuses and privileges that were approved among the directors themselves and luxuries such as the purchase of a fleet of airplanes for the executives. . Many questions arise from the way the GEA has managed its purchases from suppliers.
In spite of everything, Bojanini retired with a bonus of around 25 billion pesos, a fact that in any orderly and transparent corporate government would have been scandalous. An abuse once morest minority shareholders, who had already lost a large part of their investment. In this case, millions of savers and pensioners.
Gilinski’s investments are not and should not become a political issue. Managers who have been responsible for maintaining an inefficient castling to perpetuate themselves in power, together with bad investment decisions and arrogance, are responsible for the decline in the value of GEA companies on the stock market. Neither the national government, nor the regulators, nor the political actors have favored the buyers. Perhaps those of the GEA were accustomed to being benefited by the governments of the day.
It might be interpreted that Daniel Coronell is only trying to turn a market operation into a political issue just 8 days before the second presidential round. To do this, he uses lies accommodated to his interests and those of the GEA.
* Gabriel Gilinski is a shareholder of SEMANA Publications
