Brothers acquitted after $120 million business collapse

TWO BROTHERS  sentenced to 66 months in jail in August, were acquitted by a different Panama judge on Monday November 19.

The 15th Criminal Court acquitted the brothers Carlos and Aquilino de la Guardia for alleged offences against the national economy after the collapse of the Adelag group in 2001, which left losses of $120 million.
The ruling, signed by Judge Georgina Tuñón, differs from another ruling on the same case issued on Aug. 10 by Supreme Court Judge Harry Díaz, which gave the brothers 66 months in prison and ordered them to stand trial on additional charges.
Tuñón, however, ruled that the bankruptcy was not fraudulent or willful. The judge also questioned the suitability of expert witnesses presented by the prosecution. The bankruptcy affected 24 local banks, at least 80 holders of bonds and more than 100 commercial creditors. The brothers had been convicted twice previously in lower courts.