Scandal plagued brokerage back in business

The Superintendent of Market Securities  (SMV) has lifted the suspension of the operating license of Pacific Financial brokerage (FP) .

I has been frozen since last year after serious administrative failures were detected.

The failures that led to an embezzlement of $12 million, and criminal charges for the alleged crimes of fraud, forgery of documents and money laundering.

SMV gave the green light on Wednesday May 15, but it was not until the next day that the resolution communicating the decision was issued.
But, notes La Prensa, on Wednesday, FP's lawyers withdrew a lawsuit it had filed against Superintendent Alejandro Abood, for alleged abuse of authority by ordering an administrative investigation into the brokerage firm.
This month control of FP passed from Ivan Valdes and West Clare to the Brazilian group Mendo Sampaio .
 According to the regulator, the new directors met all the adjustments needed to shield the operation. It was learned that representatives of Mendo Sampaio changed personnel and all customer accounts received the money they were owed.
In Panama, says La Prensa little is known of the industrial group Mendo Sampaio. The company, according to reports in Brazil, participated in a partnership with a subsidiary of the construction company Norberto Odebrecht in the generation of bioenergy in 2007.
Odebrecht has been the recipient of well over $1 billion in construction projects for Panama’s government.