The President of Ecopetrol, Ricardo Roa, is facing a new scandal after it was revealed that he recently acquired a luxurious apartment apparently owned by Serafino Iacono, a well-known oilman who has ties to a gas project with Hocol, a subsidiary of Ecopetrol. The acquisition occurred in December 2022 and has sparked controversy due to potential conflicts of interest.
The 300-square-meter apartment, valued at $1.8 billion, was purchased from a company with ties to Serafino Iacono, raising questions about Roa’s adherence to conflict of interest rules. Representative Hernán Cadavid expressed concern over Roa’s actions and called for legal consequences to set a precedent of accountability for Petro Government officials.
This is not the first controversy involving Ricardo Roa, as he has previously been criticized for his involvement in the management of the Petro campaign and the hiring of his romantic partner in different state entities. The recent acquisition of the apartment has further amplified concerns about potential conflicts of interest and lack of consequences for Roa’s actions.
In addition to the scandal surrounding Roa, Ecopetrol recently made headlines after President Gustavo Petro announced a possible partnership with PDVSA, the Venezuelan state-owned oil company, for the exploitation of gas in Venezuela. This proposal has been met with criticism and raised concerns about partnering with a company facing significant challenges.
Amidst these controversies, Ecopetrol reported a sharp decline in profits in the third quarter of the year, with net profits decreasing by 42.8% and sales falling by 19.1%. The combination of internal scandals and financial challenges has put the spotlight on the leadership of Ecopetrol and raised questions about its future direction.