Colombia’s state oil company Ecopetrol is facing renewed scrutiny after media reports revealed that the declared wealth of one of its vice presidents rose by about COP 7 billion (US$1.8 million) without an apparent lawful explanation — and that the Financial Information and Analysis Unit (UIAF) alerted company leadership months ago. The disclosures have prompted calls from President Gustavo Petro for the company to act and renewed questions about whether Ecopetrol’s president, Ricardo Roa, was properly notified and followed up, local media outlet El Colombiano reported.
According to reporting first detailed by El Colombiano and amplified by investigative commentators, UIAF flagged an anomalous increase in the assets of a senior Ecopetrol executive — identified in press accounts as a vice president responsible for a regional portfolio — in early 2024. The alert reportedly included details about the size and timing of the wealth change and referenced prior entries in Ecopetrol’s own internal files. Ten months after the UIAF notice, critics say, there is little visible action recorded publicly by the company.
Ecopetrol has historically said it cooperates with regulatory authorities and maintains internal compliance processes. But multiple outlets report that those internal channels did not lead to a transparent investigation or visible resolution in the months following the UIAF warning. Agencia API said the company “did not duly process” the alerts on the alleged irregular patrimonial growth dating from 2024, a charge that, if confirmed, would raise governance concerns at Colombia’s largest taxpayer and employer.
Ecopetrol executive’s wealth rose by US$1.8M — Did the company’s president know about it?
The story about the wealth of one of Ecopetrol’s vice presidents, which rose by about COP 7 billion (US$1.8 million) without an apparent lawful explanation, captured national attention after prominent journalist Daniel Coronell and other commentators publicly discussed the UIAF notice and the alleged inaction.
President Gustavo Petro publicly weighed in, urging Roa to “act” if the increase proved illicit — a rare and pointed rebuke that underscores the political sensitivity of the case given Ecopetrol’s role in the Colombian economy. Petro’s intervention has added political pressure for a clear and prompt response from the company.
Ecopetrol’s official communications channels have not released a detailed account confirming the contents of the UIAF alert or describing specific subsequent steps taken internally. The company’s website contains routine press releases and financial notices but no public timeline or corrective measures tied to the allegations published in recent days. Observers say this absence of public records increases the perception problem, even if internal reviews are underway.
Legal and compliance experts say the UIAF — Colombia’s anti-money laundering and financial intelligence unit — is charged with identifying suspicious transactions and forwarding alerts to the appropriate authorities, including employers where public officials or company officers are involved.
When a UIAF alert concerns a senior executive, best practice would include rapid internal review, temporary administrative measures where warranted, and transparent reporting back to stakeholders. Critics argue Ecopetrol’s response, as reported in the press, has fallen short of those standards.
No official communication yet
Ecopetrol executives and the vice presidency named in reports have not made public admissions of wrongdoing. Past statements from some senior company officials have defended the firm’s pay and benefits and denied irregular enrichment in other episodes, but those denials have not ended scrutiny when new alerts surface. Independent oversight bodies and Colombia’s anti-corruption entities may now be expected to seek clarifications or open formal inquiries, reports economic journal Portafolio.co.
In the coming days, journalists and lawmakers are likely to press for a clearer timeline: When UIAF issued the alert, who inside Ecopetrol received it, what internal steps were taken, and whether external authorities were notified. For Ecopetrol, Reuters reports, the reputational stakes are high. The firm not only generates a significant share of Colombia’s fiscal revenues but also serves as a symbol of state stewardship — and lapses in governance risk political fallout and investor concern.
What happens next will depend on whether Ecopetrol publishes a thorough account of its compliance handling and whether regulatory bodies escalate the matter. For now, the basic facts reported in the press — an unexplained COP 7 billion rise in a vice president’s declared wealth, a UIAF alert dating to 2024, and public urging from President Petro for action — have combined to put Roa and the company’s board under the spotlight. Transparency and a documented investigative path will be essential to restore confidence.