State bank embezzlement suspects denied bail

THE SECOND High Court of Justice has denied bail to Riccardo Francolini, former president of the board of directors of the Caha de Ahorros Savings Bank (CA), and Manuel Morales Díez, representative of the consortium HPC Contratas P & V, contractor for the failed  Amador Convention Center project,

Francolini has been behind bars since October 12, by order of the First Anti-Corruption, Prosecutor  Tania Sterling, who is investigating a $9 million loan that CA granted to the consortium for the alleged construction of the convention center.

Morales has never appeared in person and  the Public Ministry has requested an Interpol  “red alert” for his  location and arrest.

In a ruling dated January  13, Court ratified the decision of the Thirteenth Criminal Court, which in October rejected  bail for Francolini and Morales.

In the same judgment, the magistrates maintained the arrest of businessmen  Tobías Garrido Nicolau and Jairzon Lemar Hurtado Cáceres and  Jayson Pastor manager and Rodrigo Arosemena Pino, deputy manager of the CA in the previous administration (2009-2014). All remain detained except  Arosemena Pino, for whom the prosecutor changed the measure of preventive arrest to impediment of leaving  country without judicial authorization.

The magistrates claim that there are sufficient elements linking the accused to the commission of the alleged crime against the public administration, in the modality of aggravated intentional embezzlement.