Bancolombia Announces a Decision by the Colombian Attorney General's Office

[Judi Lynn]

Bancolombia Announces a Decision by the Colombian Attorney General's Office

MEDELLIN, Colombia, April 24 /PRNewswire/ -- Bancolombia S.A. ("Bancolombia") announces that on April 21, 2009, the Colombian Attorney General's Office (Fiscal Delegado ante la Corte Suprema de Justicia) delivered an order ("preclusion order") barring a criminal investigation of the president of Bancolombia, Mr. Jorge Londono Saldarriaga, and others. This investigation was related to the acquisition by Bancolombia (formerly Banco Industrial Colombiano S.A.) of Banco de Colombia S.A. and their subsequent merger.

The decision rendered by the Colombian Attorney General's Office bars (i) the investigation of Mr. Jorge Londono Saldarriaga regarding the alleged aiding and abetting of the crimes of willful misconduct and willful neglect by a public officer (prevaricato por accion and prevaricato por omision) and (ii) the investigation of the members of the board of directors of Banco Industrial Colombiano S.A. in office at the time of the merger with Banco de Colombia S.A. regarding the alleged aiding and abetting of the crimes of willful misconduct and willful neglect by a public officer (prevaricato por accion and prevaricato por omision), procedural fraud and fraud.

This order also bars the investigation of the members of the board of directors of the Central Bank of the Republic of Colombia and certain officers of the Colombian Superintendency of Finance.

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