The leadership of Ricardo Roa Barragán at Ecopetrol is on shaky ground. This situation has emerged alongside the release of details about an internal audit conducted by the American firm Covington & Burling LLP. The audit aims to assess the potential reputational damage Roa might have inflicted on Colombia's largest company. What triggered this scrutiny? Allegations surrounding disciplinary and legal investigations linked to Roa's management during Gustavo Petro's presidential campaign have cast shadows on his reputation. The newspaper El Tiempo unveiled this story over the weekend. It appears the decision to proceed with this investigation bypassed the board's approval, sanctioned solely by an executive responsible for oversight duties.

The expense for this audit has skyrocketed to $5,875,000, a significant increase from the $800,000 fee paid for a previous report commissioned by the board with the British consultancy Control Risks at the start of 2024. How does one justify such a steep rise? Recently, Mónica de Greiff, a member of the board, tendered her resignation on Wednesday afternoon. De Greiff, a former Minister of Justice, was nominated by President Petro in October 2022. Her departure marks the first significant consequence in a prolonged internal conflict, fueled by the controversies surrounding Roa's appointment as head of the third-largest oil company in the region in April 2023.

Roa, who specializes in electrical rather than petroleum matters, seemingly was not informed about the second audit targeting him. According to someone with direct access to the board, Roa appeared at a meeting three weeks ago visibly angered because his company-issued cellphone was confiscated during the audit process. He also reported that the mobile lines and emails of about 70 employees were intercepted as part of the profiling procedure conducted by the American firm.

Alberto Vergara, the corporate compliance director, stands out as a pivotal figure in this narrative. Vergara, who joined the role with a history of workplace harassment, allegedly authorized the extension of the lucrative contract with Covington & Burling LLP to prolong the audit against Roa. This move was made on December 26, as revealed in an internal company memo shared by Caracol Radio. "I never instructed Vergara for this task. I was a victim of this procedure myself. I didn't order these interceptions. I informed the board of this," Roa retorted on Wednesday.

The involvement of Vergara has brought a unique twist to the story: media attention has shifted from Roa to the board, where most members are appointed by the government, which owns 88.49% of the shares. The board, attempting to shield itself from future lawsuits, now finds itself entangled. Even some of its members or former members are puzzled over how the decision to authorize the hefty contract was made. Sources close to Ecopetrol indicate that the company might have already paid one and a half million dollars to the New York-based law firm.

One investigative thread causing concern for the Anglo-Saxon auditing firms involves Roa’s purchase of a lavish apartment north of Bogotá. Roa Barragán paid 1,800 million pesos, approximately 400,000 dollars, for the property, which, according to accusers, has a significantly higher market value. The transaction was facilitated through a company based in the British Virgin Islands, a known tax haven. Additionally, the operation's masterminds included Serafino Iacono, a hydrocarbon magnate with business ties to Ecopetrol, and a Colombian police colonel.

Beyond the suspicions surrounding this real estate deal, the Prosecutor's Office requested on Wednesday afternoon that the National Electoral Council (CNE) penalize Roa Barragán for his role in managing the presidential campaign of the current leader. The Public Ministry's analysis concludes that the leftist campaign breached financing limits and concealed expenses in reports to the CNE in 2022. It detailed that the expenses recorded for the first presidential round reached 28,690 million pesos, around 154 million above the limit set at 28,537 million for that campaign.

The prosecution has also launched an investigation against Roa, a mechanical engineer aged 63. The complaint was filed by the aviation company Helicol, alleging contract manipulation within Ecopetrol to favor the helicopter operator Helistar. The legal action relies on supposed maneuvers by the oil company to tailor technical requirements in the bidding for its air transport services, a scheme allegedly dating back to 2011, which restricts free competition.

A cloud of suspicion has led to tension within Ecopetrol, erupting during one of the most challenging operational periods in recent times. The crude oil price has hovered below 70 dollars per barrel for months, a level unfavorable to the company’s business, symbolized by the iguana logo. In fact, its profits plummeted by 22.1% year-over-year in the first quarter. The division between the manager and the board seems irreparable, and the nation eagerly watches the stock market's response and the future of Roa Barragán at the helm of this historic Colombian enterprise.