The Superintendency of Securities (VPS) plans to establish the relationship between the former president Ricardo Martinelli and investment account High Spirit, located in the Pacific Financial brokerage.
The SMV seeks to demonstrate that the president then used insider information to buy and sell shares of the mining Petaquilla Minerals, which is listed on the Toronto Stock Exchange, Canada.
Several facts have stripped the link between Martinelli and the aforementioned account to the VPS. One of them, according to research by the SMV resting on the Supreme Court, which portrays the opening of the High Spirit account in March 2010, is an email.
Communication is between Mariel Rodriguez enforcement officer Financial Pacific, and one of the employees of the brokerage to Rodriguez asked to assign an account number on behalf of Overseas High Spirit, and that was to get information that account Mr. Ricardo ', but does not specify the name.
Rodriguez makes him record his colleague that the process at the earliest possible must be done, and that is a bill passed by Mr. West, 'an important customer, "he reiterated, even though the documentation for opening the account She was incomplete. At that time they were missing at least 9 documents on verification form. Among them, the SMV found that the affidavit on the origin and destination of funds was provided.
Weigh further influence on the board of the mining company people trust exmandatario whole, as Raul Ferrer, copartisan, appointed in 2009 as a representative of the executive on the board of Panama Pacific.
Among other references, the SMV, remarks that the bill High Spirit, was titled in the name of Aaron Mizrachi, brother of the former president. A third evidence, according to SMV, is that people trusted by Martinelli, as Raul Ferrer, occupied a key position on the board of the mining, which could have fed inside information to trade in the stock market, according to SMV.
THE LINKS
La Estrella de Panama spoke with a source familiar with the inner workings of the mine, who revealed details about the relationship that held Martinelli, Ferrer and Richard Fifer, Petaquilla non Minerals executive president, whom the former president had been advised to stay in Spain and low profile in the company.
In February 2012, the Panamanian chief executive of Canadian miner Petaquilla Minerals Ltd., was about to "hang up the gloves." "Raul Ferrer sought an honorable way out of the company, had tired of what he called current fight," said a voice who requested anonymity.
"On one occasion, close to that date, February Fifer mentioned Ferrer was not doing what I asked him number one, referring to Martinelli, and also asked him to place his two million shares of Petaquilla Minerals with contacts of Fifer without having to go through the auction in the Toronto market. A qualified as a crime in the market "act, this person added.
The version of the source in relation to the intentions of Ferrer leaving office, agrees with the statements Ferrer offered to La Estrella de Panama in May this year.
'I quit several times and finally went in 2013. I had high and low Fifer problems, but I always hoped that things were going to fix and that the company would sell' said Ferrer.
Today the mine is completely abandoned and full of debts. Ferrer says that like other investors he also lost money for the share price. In early 2014, the mine drastically reduced the extraction of metals, stopped paying suppliers and employees who have brought several legal remedies to recover its performance.
Ferrer himself from his ties to Martinelli. He claims that his appointment in Petaquilla Minerals Ltd., is not due to his friendship with the former president, assumed the role rather as an opportunity to 'take care' of their interests and the shareholder who he knew, then he said.
Ferrer said his election was "a clever move of Fifer he needed the votes on the board for re-election, and he knew that with a figure of credibility could do it. '
Ferrer, a businessman who had 2 million shares of the mining company, was integrated as part of the directive in November 2009. The investigation of the SMV, believes that both Raul Ferrer, as Rodrigo Esquivel (legal representative of Petaquilla Gold) also They participated in buying and selling shares of Petaquilla through foundations in other companies or brokerage houses.
Although I have considered as part directive to position on the board, Fifer not maintain the best relationship with Ferer. The latter called it 'very bad' and 'volatile'. 'I have thousands of emails that show my opposition to the decisions that were made in the company' said Ferrer.
According to the source, "Ferrer was the link between Richard Fifer, and Martinelli". For example, "Ferrer told Fifer not go to certain places or events that would assist the president, who made sure that Fifer not coincide with him in activities related to the mine, as have exposures in the presence Petaquilla" said the source.
On September 7, 2009, Martinelli and Fifer held a meeting in the office in which refined the terms of how the mine would operate. Product of that meeting, "Fifer sent a letter to the president in which he thanked the invitation and would remain electronically communicated to all company decisions shall consult with Martinelli who had conditioned Fifer output of the mine Policy "said this person.
Ricardo Martinelli did not want close to Richard Fifer. That would be one of the conditions imposed by the then president to grant permission marketing and export of gold Petaquilla Gold, a subsidiary of Canada, a moment which Fifer had dreamed for many years.
ACCOUNT AND SHOPPING
The SMV detected several irregularities in the High Spirit account. The first was the entry of seed money of unknown origin. "How to operate the account balance buying shares of Petaquilla in the amount of $ 984.772, transactions between the March 26, 2010, to April 15 of that year, leaving the account is done in negative -9.293 (see table) 'reads the contest.
On April 20, it is credited for High Spirit third transfer from Caribbean holdign Services account for $ 399.683. Mizrachi has publicly declared to be the sole shareholder.
Again a total of 3,534 shares of Inmet Mining proceeds to buy the October 7, 2010,. Adjoining mining company Petaquilla Gold, which in 2013 completed the purchase of certain properties of the mine.
Between 6 and 14 December 2010, it proceeded to the sale of shares in the amount of $ 1,967,320 with a profit of $ 771.148, since the share price, according to the SMV came up between 74% and 103 % the value of their shares. The silver is transferred on 21 December to an offshore account of Global Bank. In total they transferred $ 2 million including gains on investment funds more unknown, the report of the SMV.
A second block purchases of 242,000 shares was recorded in three dates: 22 and 29 July and 1 August 2011. The stock was purchased in 0.77, and 0.89. From the last date the sale process was initiated in stages, and finally the August 14, 2013 completed the operation in which the client lost $ 94.133.
In March 2012, the account received a $ 1 million transfer from the account of the company Jal Offshore Financial Pacific customer for which the SMV filed a complaint with the MP, headed by the lawyer Ramses Owens.
High Spirit account was closed on 30 June 2014 with a balance of, a day he took office the new administration that took over from Martinelli. Mr. Gumersindo Garcia signatory on the account, requested the liquidation of the investment portfolio for the funds to be transferred Ltd. Digital Kingdom, through the Bank Hang Seng Bank, established in Hong Kong. A prohibited transfer, since payments to third parties without legal basis are not allowed, according to the SMV.
In addition to this, the SMV enlisted various unlawful securities evidencing a relationship of trust between management practices Financial Pacific, and the beneficiaries or signatories of the accounts investigated, among which is the personal account of exmandatario: overdraft on purchases of investments not in line with your investment amount; lack of contracts for these overdrafts; transfers received and sent to third parties not guadaban no relation to the market, but correspond to banking regulation.
Petaquilla Minerals Ltd. had 225 million shares, of which about 30% would be held by Panamanian shareholders.
Related Resources
High Spirit. PDF
