Eight percent of the Cremil pension-fund budget for
armed-forces personnel in Colombia has gone up in smoke
in a real-estate deal that went sideways. 138 million USD worth
of the pension-fund budget disappeared due to negligence
and criminality, according to a comptroller general's office (CGO)
report on the matter.
A project at the site of a former military building in Bogotá
at Avenida 7 and 100th St. was supposed to generate funds
for the pension. The property was transferred to private
developers in 2015.
However, the developers failed to secure guarantees that would
have covered the pension in the case of negligence. The
ensuing negligence was the failure to ascertain or protect against
the city's plans for a Metro stop to be constructed at the property's
location.
The location in question had been a headquarters
for Colombian armed forces. It was transferred to
would-be developers of a shopping mall and office building
whose earnings would have benefited armed-forces pensioners.
However, due largely to negligence, the project stalled out
and went bankrupt.
Source... CGO report as described at colombiareports.com ...
The Colombia Reports article is dated June 20, 2023.
