MEDIA WATCH: Time to restore confidence in Panama

La Prensa Horporhoy, Nov 26
IBIZA is an island known worldwide as a tourist destination. In Panama, Ibiza is the name of a beach condo project the center of a financial scandal of major proportions.

As if we needed a reminder of the crisis of justice, a circuit civil judge, in, the city of Penonomé, retroactively declared bankruptcy of the promoter of the condo. The timing of the insolvency date is prior to the issuance of bonds for $30 million dollars, made to finance various projects. The unfortunate court decision left totally defenseless the domestic and foreign investors who bought the bonds, believing in Panamanian institutions.

This offense is in addition to the loans granted by the Caja de Ahorros Bank, which were strangely, secured by pools hallways and other common areas

What is at stake is not only the assets of individuals and a state bank, but the reputation of the entire Panamanian financial system. Regulatory authorities and the Public Ministry should stop this farce as soon as possible.

 It is time to restore confidence to the name of Panama.