OFFTHE CUFF: Financial Pacific Scenario -Hollywood Potential
THE MURKY SCENARIO that surrounds the former Financial brokerage Pacific (FP), has all the ingredients of a major movie crime drama which could one day be brought to the screens of Panama’s International Film Festival.
It involves the possible murder of an investigator, the stabbing of a second official, life threats to others, allegations of a secret account of the country’s president to manipulate shares, the jailing of a middle level executive, allegedly coerced to change her fingering of Ricardo Martinelli with false promises of release by the now President of the Supreme Court corruption, money laundering, and embezzlement.
Only sex has been left out of the block buster mix, but, as the investigation moves forward there’s time for the spicy ingredient to surface.
The case has moved back into the public spotlight with an order for the former Director of Supervision of the Superintendency of Securities Market (SMV) Ignacio “Nacho” Fábrega to appear at a preliminary hearing on June 26 after allegedly disclosing confidential information to managers of FP.
Earlier, after evading eight citations, Fabrega was detained, put behind bars, and brought before Judge Rolando Quesada Vallespi on February 26. But Quesada Vallespi repealed the detention order and released him. (He has some other shaky decisions on record and this one is being investigated by the Supreme Court)
This decision was reversed by the Second Superior Court, but since then Fabrega has become a fugitive.
In research, anti-corruption prosecutor Zuleyka Moore found email messages in Fábrega’s computer that were sent to directors of FP , in which he warned of the investigations of the brokerage.
She decided that Fábrega gave inside information to managers of the brokerage and applied for criminal prosecution.
The prosecutor has also detailed that the former official warned FP of complaints by some of its customers, and gave recommendations to meet the requirements of the SMV and customer complaints.
According to research, Fabrega violated the Code of Ethics for Public Officials of the National Securities Commission, which in Article 24 states: “the public servant should refrain from disseminating any information designated as confidential or secret.”
The same article notes that the official “must not be used for personal gain or third parties for purposes other than service information.”
The investigation also collected testimony from officials of the SMV, noting that sometimes Fábrega issued opinions to favor FP in evaluating the financial statements of the brokerage.
Fabrega was cited wight times by the prosecution, but never appeared, so Moore issued an arrest warrant. But the former official invoked Article 25 of the Constitution, according to which “nobody is obliged to testify in a criminal, misdemeanor or petty offense against himself.”
On March 30, the Second Superior Court overturned a decision of the First Criminal Court, which had released Fabrega and ordered his recapture as part of the investigation. The court also rejected a bail application filed by his lawyers But he is at best a slippery operator and has not yet been found. Like some prime players in the PAN scandal, he could have sought refuge outside of the country
In addition to the coming trial, the Fourteenth Circuit Prosecutor is also investigating Fábrega for alleged offenses of money laundering, bankruptcy and organized crime.
Meanwhile, the original owners of FP are still circulating in Panama.
For more background on this long running drama, check, Financial Pacific, Pellegrini and Fábrega in Newsroom’s search
