Politics

Fonseca Calls Out President from Jail

Partners of the law firm Mossack Fonseca at the center of the Panama Papers scandal were indicted on money laundering charges on Saturday, but the allegations don’t stop there. Ramon Fonseca Mora, who along with Jurgen Mossack is being held as a flight risk in Ancon, says that President Juan Carlos Varela, in the presence of deputies…

Martinelli Stripped of Immunity

Ricardo Martinelli may now face charges of insider trading on shares of Canadian miner Petaquilla while in was in office. Although the former president has immunity as the head of Panama’s Democratic Change party and faces a number of other corruption charges, the country’s electoral court has only removed his immunity to the insider trading…

President Martinelli and the Dehydrated Food Contract

The Electoral Tribunal notified the Supreme Court Thursday of its decision to suspend the immunity of former President Ricardo Martinelli. This launches the investigation into corruption charges against Martinelli related to anomalies in the purchase of $44.9 million worth of dehydrated food from a company called Lerkshore International Limited through the National Assistance Program, or $30 million more than its value. Martinelli…

Moncada Luna Pleads Guilty to Corruption

Former Supreme Court judge Alejandro Moncada Luna was sentenced to five years in jail after pleading guilty to charges of fraud and illicit enrichment. He will also have to give up two apartments valued at $1.7 million, $4.6 million in bank accounts and three luxury vehicles. Appointed by former President Ricardo Martinelli in 2010, Moncada was suspended in October when…

Colombia Takes Panama Off Tax Haven List

Colombia excluded Panama from its list of tax havens after agreeing to negotiations to avoid double taxation. This wraps up two weeks of tenuous discussions, which began when Colombia included Panama in its list of tax havens, published on October 8, which implied penalties on transactions for Panamanian companies in Colombia. Panama threatened reciprocal measures and set a deadline for removing its…