Bail denied for top officials linked to bank scandal

BAIL has been refused  for two top  former officers of the State-owned savings bank, Caja de Ahorros.

On  Tuesday, October 25 the Tenth Circuit Criminal Court denied  a petition by Riccardo Francolini  former chairman of the board and Rodrigo Arosemena Pino, former deputy manager who are being held in connection with the investigation into a controversial loan granted by the bank. Both are former officials with Caja de Ahorros and both are being investigated by First Anti-Corruption Prosecutor Tania Sterling

Both have been detained since Oct. 12 at the headquarters of the National Police in Ancón.

The decision, by Judge Alina Hubiedo, was in response to bail requests filed by attorneys Anibal Salas, who is representing Francolini, and Daika Levy, on behalf of Arosemena..

The loan was granted to a construction company working on the Amador convention center project, which was never finished.

The investigation is focused on the fact that the money from the loan ended up in accounts linked to shell companies that had nothing to do with the project.

The defense attorneys argued that the loan has been repaid, but the judge ruled that returning the money does not cancel out a potential criminal act.