Biography: Commercial Litigation

Hugo Palacios is the founding and managing partner of Estudios Palacios Lleras SAS, a leading Colombian law firm focusing on administrative and constitutional law and, in particular, on issues relating to the regulation of the economy, finance, corporations and public utilities, as well as government contracts and arbitration. He is the adviser and leading litigation counsel to one of the top three foreign investors in Colombia, and has been an arbitrator on domestic and ICC arbitrations.

In 2011, he won a major lawsuit on behalf of the Superintendency of Finance, a Government Agency, related to a claim brought by the former shareholders of Granahorrar, a savings and loan institution that was forced into receivership and operated by the government due to financial problems. About US$140 millions were in dispute. The final ruling, issued by the Colombia's Constitutional Court, is considered a landmark decision.

In addition, Mr Palacios has advised several governmental agencies in the drafting of laws, decrees and regulations, including the Constitutional Reform to enact the principle of 'fiscal sustainability' (2011); the law that reforms the government agency in charge of measuring the quality and achievements at all levels of the education system (2009); the Public Utilities Law (1994); the Statute of ports (1991) and the Code of Administrative Law (1984).

He has also served as minister of finance and Public Credit of Colombia and governor of the Colombian Central Bank.

He received degrees in law and economics from Universidad Javeriana (Colombia) in 1964, and earned a Master of Arts in economic development at Vanderbilt University (USA) in 1967, as a Fulbright Scholar.