|President Juan Carlos Varela|
The plot thickens: the latest news from individuals who are reviewing the treasure trove of documents known as the Panama Papers, reportedly contains extremely incriminating information about Panamanian President Juan Carlos Varela Rodríguez, and Panama City Mayor, José Isabel Blandón. Also implicated is Blandón's law partner, Herbert Young-Rodríguez
According to the source, Attorneys Blandón and Young delivered a large number of clients, who were all affiliated with Russian Organized Crime syndicates, to Mossack and Fonseca, who handled all their corporate and financial business. Then, President Varela, in a prearranged deal, saw to it that lucrative government contracts were awarded to those new shell companies formed by the Mossack firm, and controlled by the same Russian criminal elements.
It is premature to estimate whether these disclosures will force Varela or Blandón to resign, and in Panama, corrupt senior officials tend to stay in office until the end of their terms, after which they relocate to the United States, so as to enjoy the illicit fruits of their corrupt labors, so do not look for him to bow out. Whether Mossack, and his partners, are ultimately indicted, however, is another story.
Watch this blog for further news regarding this developing story.