840.51 Frozen Credits/10710: Telegram
The Chargé in Colombia (Warren) to the Secretary of State
[Received 3:12 p.m.]
1061. Reference despatch 1768, March 3, and despatch 1782, March 12.26 In accordance with powers granted by Law VII of 1943, Colombian Government issued decree 1207 of 1943 on June 18 providing for liquidation and exportation of Axis enterprises under fiduciary administration.
Generally, Axis enterprises must be liquidated within 4 months after ordered to do so by Government. If not liquidated within that time fines of 100 to 10,000 pesos will be imposed and enterprise will then be liquidated by fiduciary administrator and banking superintendent and proceeds of liquidation deposited in stabilization fund.
If Government in agreement with National Economic Defense Board decides that firm should be nationalized rather than liquidated because of importance to national economy, expropriation of property of enterprise shall be ordered and Attorney General will institute expropriation suit before proper court. Compensation fixed will be deposited in stabilization fund with proceeds invested in bonds provided for by articles XIII, XIV and XVI of Law VII of 1943.
Full report27 with Spanish text and English translation of decree follows.