The Superintendence of Companies formulated a charge sheet against the Canadian oil company Frontera Energy Corporation for the alleged infringement of the parent and subsidiaries regime.
According to the entity, the company would not have included in the disclosure of control and/or business group situations that appear in the commercial register six subordinated foreign companies with branch in colombiaAmong which are linked the company Frontera Energy Colombia Corp. (Switzerland), with a branch in Colombia, and others with domicile in Panama and the British Virgin Islands.
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The administrative investigation was initiated at the request of investors of the foreign company Frontera Energy Corporation who are processing a reparation action before a court in Colombia for the damages caused to a group.
In this event, apparently there are some companies abroad with a presence in Colombia that are controlled by Frontera Energy Corporation and, to this extent, its link to the conglomerate that possibly involves 30 entities must be disclosed in the commercial registry.
In this regard, the Superintendent of Companies, Billy Escobar Pérez, said that «the disclosure of control or business group situations is of public interest, since there is a risk for the different people who interact with the companies, when the identity of the true matrices or controls and all related entities».
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Consequently, although Corporate Law allows one or more natural or legal persons to establish and control companies, it also imposes the obligation to request the registration of this reality in the commercial register, in a complete and precise manner.
Disclosure of control structures and business groups can be essential for the relevant authorities, when analyzing potentially conflict of interests of the corporate administrators, reality of the related parties, consolidation of financial statements, risk assessment and effects in cases of insolvency.
The Supersociedades assured that Frontera Energy will be able to exercise its right of defense within the term indicated in the Law.
