$400,000 bail for suspect facing multi-million laundering charges

Panama’s Second  Criminal Court has granted a bail of $400,000 not to be detained to a man under investigation in multiple high profile cases including alleged money laundering through the liquidated Financial Pacific (FP) securities house.

The ruling, by  Judge Wilfredo Sáenz, considered that Gabriel Btesh,  who has fled the country does not have a criminal record, has not escaped from a prison or there is no evidence that he wants to do so, maintains family roots in Panama and has shown interest in returning to face the investigations against him.

Btesh’s defense provided the court with a note in which he  claims to be willing to return to the country on a voluntary basis and appear before the authorities, which would imply compliance with the notifications

A Btesh is related to activities carried out through FP and the Jal Offshore company, which moved large sums of money when that securities house was not authorized by the Securities Market Superintendence to do those activities.

Btesh also maintains a process in the Eighteenth Criminal Court, related to the New Business case and another in the Eleventh Criminal Court, for the alleged commission of the crime of embezzlement to the detriment of Tocumen SA for the contract for the parking charge reports La Prensa.