Panamas wider role in bribery scandal

AS  MEMORIES of the original  fallout from the Mossack Fonseca “Panama Papers”  revelations  fade and  images of  Panama as a land of opportunity for tax avoiders, money laundering and illegal  financial activities begin to soften, the  country is back  the world spotlight with the Odebrecht corruption scandal.

Panama’s role in events in Latin America, Africa and Europe has extended far beyond the $59 million that has slipped from Odebrecht  into the bank accounts  of local politicians and businessmen.

According to research in several countries involving the  Brazilian construction company,  Panama’s financial system was a key component for  the distribution of bribes by the company to entrepreneurs and politicians in Latin America says a La Prensa investigation.

In the case involving Colombian president, Juan

Manuel Santos, for example, Lurion Trading, Inc., was allegedly used to make payments to private banking in Andorra as part of a plan  to hide contributions for one million dollars for the president’s re-election campaign.

According to the investigation by the Colombia. Prosecutor’s Office, The company was created in 2010 by the Panamanian firm G & R Abogados, which  resigned as a resident agent exactly two weeks ago, as investigators got closer.

On the other hand, as is already known, several companies created by the firm Mossack

Fonseca would have served as a platform for the route of bribes paid by Odebrecht  for former Peruvian President Alejandro Toledo says La Prensa.

According to the digital  site Public Eye, the companies Inversiones Taipan and  Fintrade Developments, both registered in Panama, and Inversiones Siglo XXI, Caribbean Pressing and Vision Investments Equities, incorporated in the Virgin Islands were used to allegedly move some $20 million received by Toledo as bribes, in exchange for granting Odebrecht the construction of the Interoceanic Road project.

But this is not the first time that Mossack Fonseca has been associated with Odebrecht.

In The investigations of the Lava Jato case carried out in Brazil, the Companies Milzart Overseas Holdings, controlled by the former director of Petrobras Renato

Duke, Backspin Management, S.A., Daydream Properties Ltd., Tropez Real Estate,

S.A.  and Dole Tec Inc., the latter managed by the former Petrobras executive  Pedro Barusco and the company Mayana Trading, Corp., operated by the

Entrepreneur Mario Goes, were all incorporated by Mossack Fonseca.

In the case of Toledo also appears another Panamanian society: Confident

International. This was constituted in 2010 by Morgan & Morgan, and according to justice Peruvian  justice was used by Toledo to move money srcretly.

Constructora Internacional del Sur, incorporated in 2006 by Patton, Moreno & Asvat, is another Panamanian company investigated abroad that has been used by Odebrecht, supposedly to move the money used for the payment of bribes.

But that is not all says La Prensa, Pachira Limited, S.A., and Mengil International Limited,

S.A., incorporated by Alemán, Cordero, Galindo & Lee, would have been used to pay bribes  of $30 million  to Panamanian authorities.