New multi-million dollar lawsuit against Panama
The Petaquilla mining and some who were executives believe that the Panamanian government, under President Martinelli, pressed them to take administrative actions
The Panamanian government will have to face a lawsuit for $ 2,300,000,000 by Petaquilla Gold, Petaquilla Minerals LTD, the Spanish company Iberia Resources Corporation, S.A. and as exaccionistas, Spanish citizens Fernando González de Canales and José María Blanc (who died in December 2015).
The complaint filed with the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank based in Washington, United States.
A brief, which was seen La Estrella de Panama, drafted and signed in Madrid, Spain, on April 30, 2015, signed by Pascual Montañés Duato, José María Blanc, represented by Enrique Calamita, Fernando González de Canales and Luis lawyer Manuel Martinez, accounts before the President of the Republic of Panama, the present government, the actions of the government of Ricardo Martinelli, which leads to the claim.
Petaquilla CLAIM
Petaquilla Exejecutivos allege that the Government of Panama pressured
The applicants were hindered their work, also arbitrary and discriminatory measures were taken.
The actions were committed between 2009-2014.
According to the letter, the government of Martinelli, directly or indirectly through local and international economic and financial agents and members of his cabinet, caused damage to investors.
Therefore it responsible to the Republic of Panama as a contracting party to the Agreement on the Reciprocal Promotion of Investments between the Kingdom of Spain and the Republic of Panama, signed in November 1997 and approved by Law 43 of July 1, 1998, agreement also it was published in Spain, in the Official Gazette.
The information about this lawsuit details how between the period 2009-2014, the Martinelli government hindered by 'arbitrary and discriminatory measures' operation, side operation, expansion and sale of investments in which Spanish investors participated.
They note that in September 2009, Ricardo Quijano, as Minister of Commerce and Industry, 'Ricardo Martinelli representing Richard Fifer transmits the verbal order to give up Petaquilla'.
a chronology of events in Petaquilla Minerals and its subsidiaries and Panama Petaquilla Infrastructure Development (PDI) underpin the claim of Spanish investors is also mentioned.
Among other approaches background contained in the application, shareholders and investors in Spain report that was consummated in the second attempt by the government Martinelli 'the assault on the power of Petaquilla' that from that moment, ordered insider information the company and its powers through Rodrigo Esquivel, its chief executive.
The claim is for direct damage to the company in Panama and its shareholders.
