COLOMBIA · OIL COMPANY GOVERNANCE
Key Facts
- The country Colombia, where the state controls Ecopetrol, an oil company whose shares trade in New York.
- Power Index Colombia ranks 6th of 14 in The Rio Times Latin America Power Index, with 51.9 points (October 2026 edition).
- What happened On 16 June 2025 the Procuraduría, the state watchdog, charged Carlos Julián Caicedo over a 2023 state post.
- The link Caicedo is the partner of Ricardo Roa, who led Ecopetrol until 30 July 2026.
- The scope The watchdog’s statement concerns his road-agency job and a university contract, not Ecopetrol.
- The status As of Sunday 1 November 2026 the Procuraduría has published no ruling, and no one is found guilty.
The partner of the Ecopetrol ex-chief, Carlos Julián Caicedo, is still waiting for a ruling in a disciplinary case. Colombia’s state watchdog charged him on 16 June 2025 over a 2023 government job, and the oil company is not part of it.
Ricardo Roa, the Ecopetrol ex-chief who left on 30 July 2026, is Caicedo’s partner, which is why the file draws attention. For US readers who hold Ecopetrol’s New York-listed shares, the case is a governance story and not a balance-sheet item.
In Plain English
Ecopetrol is Colombia’s state-controlled oil company, and its shares trade in New York under the ticker EC. The Procuraduría General de la Nación is the state body that oversees public officials, and it handles disciplinary cases, not criminal ones.
Invías, the Instituto Nacional de Vías, is Colombia’s national roads agency. The Universidad Pascual Bravo is a public higher-education institution in Medellín, and a disciplinary charge is a formal accusation, not a finding of guilt.
What the Procuraduría Says Caicedo Did
In its statement of 16 June 2025 (a Monday) the Procuraduría says it issued formal charges against Caicedo, then an adviser at Invías. The charge is a presumed breach of the rules on incompatibilities, which stop a public servant from holding certain other ties at the same time.
The watchdog says Caicedo took up the Invías post on Tuesday, 24 January 2023, as an adviser. It is examining whether he also kept a service contract with Pascual Bravo University that ran from 30 January to 17 October 2023.
Its investigation office, the Procuraduría Primera Distrital de Instrucción, is also checking whether he broke principles such as public morality and transparency. It rated the alleged fault as gravísima, its most serious class, committed with gross negligence rather than intent.
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How the Ecopetrol Ex-Chief’s Partner Case Reaches Ecopetrol
The Procuraduría statement does not mention Ecopetrol or Roa, and the conduct it describes dates from 2023. The link is personal: Caicedo is the partner of Roa, the Ecopetrol ex-chief who served as its president.
The company announced the Ecopetrol ex-chief’s exit on Thursday, 23 July 2026, saying Roa would stay until 30 July. It gave no reason and thanked him for his work on the energy transition, reserves and efficiency.
Interim executives, first Juan Carlos Hurtado Parra and then Camilo Barco, ran the company afterwards. On Thursday, 24 September 2026, the board named Joaquín Gutiérrez Caballero as chief executive, effective Monday, 28 September.
What Happens Next in the Case
After charges, the accused answers and a separate judging office decides. The Procuraduría has published no date, and its latest public statement on the case is from June 2025.
A ruling could clear Caicedo or impose a disciplinary sanction on him as a former public servant. Decisions can generally be appealed, so the case may run well beyond the 16 months since the charges.
What It Means for US Readers
Ecopetrol says it produces more than 60% of Colombia’s hydrocarbons, employs more than 19,000 people and owns 51.4% of the power-grid company ISA. It also operates in the Permian Basin and the Gulf of Mexico, and its shares are listed on the New York Stock Exchange.
Nothing in the Procuraduría statement affects the company’s accounts, contracts or reserves. Investors can read our explainers on what Ecopetrol is, the oil company’s new chief and separate legal proceedings involving the Ecopetrol ex-chief.
What Is Not Known
It is not known when the judging office will rule, and the Procuraduría has not published Caicedo’s reply to the charges. He has not been found responsible, and the charge remains an allegation.
Nothing published by the Procuraduría says Ecopetrol funds, staff or contracts were involved. For wider background, see our guides to Colombia in 2026, who holds power in Colombia and Bogotá.
More: Colombia news in English, every day from The Rio Times.
Frequently Asked Questions
Who is Julián Caicedo?
Carlos Julián Caicedo Cano is the partner of Ricardo Roa, the former president of Ecopetrol. The Procuraduría describes him as an adviser at Invías, Colombia’s national roads agency, in 2023.
What is the Procuraduría charging him with?
It charged him on 16 June 2025 with a presumed breach of the rules on incompatibilities. It is examining whether he took an Invías post on 24 January 2023 while keeping a contract with Pascual Bravo University.
Does the case involve Ecopetrol?
No. The Procuraduría statement does not mention Ecopetrol. It concerns a 2023 roads-agency job held by the partner of the Ecopetrol ex-chief.
Has there been a ruling?
The Procuraduría had published no ruling as of 1 November 2026. A charge is an accusation, and Caicedo has not been found responsible.
Who runs Ecopetrol now?
Joaquín Gutiérrez Caballero became chief executive on 28 September 2026. Roa left on 30 July 2026.
Sources: Procuraduría General de la Nación, Boletín 573 of 2025, ‘Asesor de INVIAS a juicio disciplinario, por presunta vulneración al régimen de inhabilidades’, 16 June 2025; Ecopetrol S.A., Form 6-K, leadership announcement (US Securities and Exchange Commission filing), 23 July 2026; Ecopetrol S.A., Form 6-K, appointment of Chief Executive Officer (US Securities and Exchange Commission filing), 24 September 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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