Former Panamanian President Ricardo Martinelli was sentenced Tuesday to more than 10 years in prison for money laundering. Know more:
Panama’s former President Ricardo Martinelli talks to reporters near his home, in Panama City on Aug. 9, 2019. Martinelli was sentenced on July 18, 2023 to more than 10 years in prison for money laundering in a case that revolved around the purchase of a media company.PANAMA CITY—Former Panamanian President Ricardo Martinelli was sentenced Tuesday to more than 10 years in prison for money laundering.
Martinelli’s lawyers said they would appeal, arguing again that the media company was purchased with the president’s own legally obtained funds. Martinelli is the first former president convicted of a crime in Panama. Since the verdict and sentence can be appealed, for the time being Martinelli can continue his campaign for the presidency. But once the conviction is upheld, his bid for a comeback would be over.
Prosecutors said companies that had won lucrative government contracts during Martinelli’s presidency funneled money to a front company that was then used to purchase the publisher. The transactions involved a complex series of foreign money transfers totally $43 million. The front company collecting the money was called “New Business.”
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