Court negates appeal of brokerage directors

THE TWO former directors of the scandal plagued former brokerage Financial Pacific (FP)got another setback this week when  Judge María de Lourdes Estrada, the court rejected their appeal that the Anti-Corruption Prosecutor’s office had practised outside judicial proceedings in their investigation.

The court ruled that the prosecution at all times respected the constitutional guarantee of Ivan Clare and Wes Valdés.

The prosecution requested the summoning of Clare and Valdés, and  14 others  in an investigation related to the alleged diversion of a $9 million loan granted in 2012 by the Caja de  Ahorros (CA) to the consortium HPC-Contracts & PV for the  construction of the Amador Convention center

Valdés is detained in El Renacer after being deported from the Dominican Republic. Clare has fled the country.

Financial Pacific is entwined in a series of investigations including alleged stock market manipulation involving an account belonging to ex-president Ricardo Martinelli.