Ex-Panama President Martinelli Goes to Court for Money Laundering Trial

May 24, 2023

Ricardo Martinelli, Former Panamanian President goes to court for  Money Laundering trial amidst his political comeback before the upcoming national elections.

According to media reports, the ex- Panamanian President was among the 20 people who faced a Money Laundering trial on Tuesday. The case is of crucial importance to Martinelli who is trying to re-compete for President in next year’s elections.

Martinelli couldn’t attend the legal proceedings due to surgery last week. His lawyers tried to delay the proceedings to the next hearings but Judge Balosia Marquinez dismissed this appeal. However, Ricardo has denied all charges of Money Laundering.

New Business- A Company Becoming NameSake of Money Laundering Case

The case which dates back to 2017 is famous as “New Business”, the company that was used to purchase the publishing company owning the national newspapers.

According to the the case, $43 million worth of money was allegedly transferred from the companies that had won government contracts of high value during the presidency of Martinelli. This money was funneled to a shell company through which the publisher was purchased. This shell company was known as “New Business”.

Some of the Other Acquisitions Against Martinelli

In furtherance, Martinelli is expected to face a trial in the coming months that is linked to the hefty bribes from Brazilian construction tycoon Odebrecht to win the government contracts. These are not the only cases against the former President of Panama as he earlier faced espionage charges as well.

Martinelli’s presidential tenure was from 2009 to 2014 and now he is expected to participate in preliminary elections in July this year.

Also Read: Javad Marandi, Donor of Conservative Party Identified in Massive Money Laundering Probe