Informed sources have disclosed that Canadian regulatory agencies intend to file insider trading and securities fraud charges against a number of senior Panamanian government officials shortly, in connection with the Petaquilla Minerals Ltd./ Financial Pacific gold scandal. Included in the reported targets are wealthy Panamanian businessmen, several of the republic's ministers, and even Panama's President has been linked to the investigation. This action is being taken notwithstanding the fact that a Panamanian investigation reportedly cleared the PEPs named in local media.
The mining company's headquarters is in British Columbia, which confers jurisdiction upon Canadian securities regulators. Canadian citizens are among those who sustained major losses in the Petaquilla scandal. The fact that law enforcement action is imminent was reportedly leaked by unknown Canadian sources to global media; it was immediately reported in Panama.
What impact will the filing of charges against a large number of senior Panamanian PEPs have upon the upcoming presidential election in Panama ? More importantly, will the defendants named be detained, and sent to Vancouver for trial, and will this destabilize the government ?