(Bloomberg) -- Two magistrates at Colombia’s electoral council called for an investigation into Ecopetrol CEO Ricardo Roa, according to El Tiempo.  

The case concerns alleged irregularities in the financing of President Gustavo Petro’s 2022 campaign, the Bogota-based newspaper said Wednesday. 

Roa, who managed the campaign, has been under scrutiny by the electoral authority over a possible breach of legal funding limits. The Attorney General’s office has also been investigating Roa and Petro’s son Nicolás, and is also trying to establish if some of the campaign funds came from criminal sources. 

The electoral council board must now decide whether to start a formal investigation. Press officials for the electoral council did not respond to requests for comment. 

Roa has denied the allegations. However, while speaking to lawmakers in April he said he would be open to resigning if the investigations hurt Ecopetrol’s finances or reputation. 

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Roa has held the position for just one year, as Petro pursues his plan to transition the country away from fossil fuels. The government has refused to sign new drilling licenses even though oil and coal account for about half the nation’s exports. 

In March, local media reported that an internal company study conducted by Control Risks found that probes involving Roa pose a risk for Ecopetrol. 

On Tuesday, Ecopetrol announced first quarter net income fell 29% to 4.01 trillion pesos ($1 billion), below the consensus of 4.59 trillion pesos. Roa and other company executives are holding an earnings call with analysts on Wednesay.  

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