Corruption scandal in Spain reaches Colombian water utility
Colombian water utility Triple A will be audited by the Barranquilla district comptroller in relation to a high-profile corruption scandal in Spain.
Triple A is in charge of the water and sewerage system in the port city and other municipalities in the Atlántico department.
According to a report from Colombian radio station Caracol, the special audit will focus on the transactions that allowed the Inassa conglomerate to significantly increase its stake in Triple A. Inassa is a subsidiary of Madrid regional water utility Canal de Isabel II, which is under investigation for corruption.
In 2001, Canal de Isabel II purchased 75% of Inassa's shares. At the same time, Inassa's stake in Triple A increased from 50% to 60.4%. Five years later, Inassa approved a 65bn-peso (US$22.4mn) capital increase, which allowed it to boost its Triple A stake to 81.3%.
In Spain, Canal de Isabel II - and other companies like OHL - is the target of the Operación Lezo probe, which is investigating alleged payments to politicians, potential illegal party financing, and over-paying for assets in Latin America, according to Spanish press.
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