Ignacio Fábrega, Panama's ex-Superintendent of Securities, in custody on criminal charges, and facing a sentence of eight years, has charged that former President Ricardo Martinelli was actually a partner in Financial Pacific, the entity responsible for the Petaquilla Mining insider trading scandal. The former securities agency head also disclosed that Martinelli contributed $3m to its capitalization, and actually contacted Banco Universal, with orders to open accounts for the brokerage house.
When the scandal broke, Fábrega asserts that both Martinelli and the former Minister of Tourism, Solomon Shamah, contacted him with instructions to kill any pending investigation into misconduct, or criminal activity, and to delay the release of any report until after Panamanian elections.
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