The oil company Ecopetrol, Colombia's largest company, has won a historic international arbitration award through its subsidiary Reficar. The complaint was filed in March 2016 by the Colombian company against the conglomerate Chicago Bridge & Iron Company and its Colombian subsidiary.
The Anglo-American company must pay the fine to the oil company in the highest arbitration award in the history of Colombia. The decision clears multiple questions about the performance of a series of officials, politicians or lawyers who were later accused of corruption for the cost overruns.