Chief justice seeks suspension of ex-president Martinelli immunity

 PANAMA’S Supreme Court Chief Justice  has submitted a petition to the Electoral Court to suspend the immunity of former President Ricardo Martinelli as part of the investigation into his alleged  insider  trading of shares of a Canadian mining company through the brokerage firm Financial Pacific (FP).

The chief justice, José Ayú Prado is the only person who can request that the immunity be suspended. According to a decision made by the plenary of the court in January regarding the investigation of officials with immunity The chief justice, José Ayú Prado is the only person who can request that the immunity be suspended

Martinelli has immunity as a member of the Central American parliament and as a candidate for the internal elections of the the CD party, of which he is the president.

The investigation on charges of insider trading was prompted by a complaint filed by the Superintendency of Securities.

Martinelli allegedly used accounts at FP to purchase shares of the company Petaquilla Minerals shortly before making a decision to allow the country to begin operations at its gold mine in Colón, which caused the stock to increase in value. The complaint was filed in June.