Financial Pacific probe returns to spotlight
THE FINANCIAL PACIFIC (FP) scandal investigations with s links to former president Ricardo Martinelli and alleged stock exchange manipulation are to continue.
The Seventh Criminal Court has rejected an appeal filed by the defense of Ivan Clare and West Valdes, ex-directors of the brokerage whom the prosecution investigated for alleged economic crimes to the detriment of the Superintendency Market Securities.
April Arosemena. Lawyer for Valdes and Clare had called for the annulment of “all actions” in the case, b ut Judge Felipe Fuentes, in a May 28 ruling , denied the request, arguing among other things that “possible related offenses against public administration that have not been investigated previously be investigated”. Th seventh anti-corruption prosecutor has four months to, continue the process.
The judge also noted that “one of the events under investigation by the prosecution today is related to bank deposits made after other bank transfers of more than $12 million in a Financial Pacific account at Universal Bank[which belonged to the Virzi family]. They were made through checks from funds managements of the Savings Bank of Panama possibly loan product. “
The court, also refers to the registration of “credit lines granted to some companies that participated from 2010 to 2015, in contracts with the State for the construction of public works.”
Based on the above, the judge indicates that any related offenses against public administration that have not been investigated previously, so this motion for dismissal is denied investigated.
In parallel, the Supreme Court is investigating Martinelli for alleged economic crimes, for alleged irregularities in accounts managed by Financial Pacific.
In the sights of investigators is the High Spirit account that would have been open to manipulate the stock market with shares of Petaquilla Gold.
One of the those named in that investigation is Juan Luis Correa, Vice president of the Wisa Group, center of a US money laundering investigation
