Crime suspect dodges prosecutor, canal board meetings

MONEY LAUNDERING  suspect, Nicolás Corcione, who is using his seat on the Board of Directors of the Panama Canal Authority (ACP) to avoid being questioned by the Organized Crime Prosecutorg, has missed 10 board meetings since allegations against him surfaced.

According to the guide of good governance, “the members of the Board of Directors have the duty and the right to attend meetings,” to ensure the proper operation of the waterway reports La Prensa

Corcione is being investigated for money laundering in connection with accounts linked to former Supreme Court Justice Alejandro Moncada Luna.

The ACP board meets about seven times a month, including twice this week. Roberto Roy, Minister for Canal Affairs and Chairman of the Board, said the Corcione has voluntarily decided to abstain temporarily from the board despite being a member of three committees, including the expansion committee.

Observers said that Corcione has effectively given up his post by failing to comply with his obligations and responsibilities as a director.

 One person with close connections to the board told La Prensa the current policy gives the board “sufficient moral authority” to tell one of the members to submit his resignation for failing to attend meetings.

He said that behind this issue “there is too much complacency.”

Jose Chen Barria, a founding member of the Corporate Governance Institute, believes Corcione should be formally suspended while the case is being investigated.

National Transparency Authority Director Angélica Maytín said that, currently, Corcione has simply sent a letter saying he will not participate in meetings.

She urged the board to take further action to suspend Corcione. She also criticized him for “dragging the Board of Directors into his problem” and “clinging to the post to say that he has a special prerogative.”