Colombian government may liquidate Colombia Telecomunicaciones venture with Telefónica over capitalisation plan
The government of Colombia has threatened to liquidate a joint venture with Telefónica if local politicians fail to approve a $3.9 billion capitalisation programme.
The government and Telefónica are partners in national operator Colombia Telecomunicaciones, with the Spanish group holding a 52% stake and the government owning the rest.
According to Reuters, Colombian finance minister Juan Carlos Echeverry said that the operator will “be liquidated and its assets will be auctioned” if Colombia’s congress does not approve the capitalisation plan.
The proposed investment could enable the operator to merge with Telefónica's mobile unit, Movistar.
Echeverry said the plan must be passed within three weeks as the operator had debts of $968 million due by the end of 2.011.
Colombia Telecomunicaciones president Alfonso Gomez said: “We're supporting the capitalisation.
We're ready and able to capitalise, but if the government does not see another option than liquidating, we would agree.” GTB.
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