SMV files to MP and passes CSJ
Friday September 4, 2015 - 12:00 a.m.
The SMV maintains that from High Spirit investment scheme of sale of shares of the Petaquilla mining handled
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Adelita Coriat
acoriat@laestrella.com.pa
Research in the Superintendency of Securities (VPS) for irregularities identified in the accounts of the liquidated Financial Pacific, have launched proceedings in the Attorney General's Office and the Supreme Court of Justice (CSJ). The SMV has referred three cases to the Public Ministry (MP) and other administrative support to the Court for commission of crime of former President Ricardo Martinelli.
The processes relating to account transactions High Spirit (account that is linked to the former president), Jal Offshore, Distribuidora Comar and personal account Martinelli, who stated, among other crimes, for leaking insider information (insider trading). That account was first struck following an investigation that was opened by the embezzlement of $ 12 million to the brokerage Financial Pacific, in October 2012.
The main accused, Mayte Pellegrini, told La Estrella de Panama Martinelli and his sons were those who were interested transactions High Spirit.
In December 2012, Martinelli sent a letter to then Attorney Jose Ayu Prado, now president of the Supreme Court, in which he confirmed that he had an account at Financial Pacific, a personal name, and had opened ten years ago. On another note, with the same recipient, he said to have no connection with High Spirit.
According files Financial Pacific to which he had access this newspaper, the last transaction that became personal account Martinelli was recorded on February 2, 2010: transfer to the firm Cane Clark, for $ 50,091.88, leaving the balance zero.
According Mayte Pellegrini, former employee of the brokerage firm, on file does not appear any subsequent transfer to February 2010.
The SMV maintains that from High Spirit investment scheme of sale of shares of the Petaquilla mining handled.
Transactions with buying shares of mining, according to the SMV, were performed with the use of insider information, and a series of transfers to third parties. SMV suspicions regarding the use of privileged information are based on the direct influence that had the former president Martinelli in the composition of the board of the company.
In September 2009, as published La Estrella de Panama, Martinelli sent the then Minister of Trade and Industry Ricardo Quijano a meeting of the directors of Petaquilla Minerals to tell you that the Government had no objection to the development of the gold mine but for the export permit they should dismiss Richard Fifer, the chief executive. Fifer managed to retain his position, but in November 2009, when the board resigned in full, a new party in which several people close to Martinelli were positioned in key positions was formed.
From November 16, 2009, Joao Manuel served as CEO (Chief Executive Officer), Richard Fifer, non-executive chairman; Raul Ferrer, David Kaplan, David Levy and Daniel Small, as board members.
SMV for Raul Ferrer Arosemena, a personal friend of Martinelli, had a relationship of trust with the president, who could benefit from buying shares before the government gave the green light to export gold and selling shares before they devalue.
Among the latest actions of the SMV, this June 30, sent to the Public Ministry a copy of the administrative record by possible commission of crimes against Distribuidora Comar and others.
The company in question is dedicated to the phone card business and chairs the businessman Juan Luis Correa. Also appear as associated Luis Enrique Martinelli (treasurer) and Ricardo A. Martinelli (secretary), both sons of the former president.
Correa told this newspaper acknowledged his stake in the company in which he said, 'he was initially Martinelli, and when he was president he appointed his sons. It opened an account in Financial Pacific as anyone makes a transaction 'he said. He added that made 'an initial deposit of $ 20,000 and then transferred funds', when it was closed.
In a recent publication of TVN, citing a document from the SMV, it is said to account Comar began operations with just over $ 20,000, in June 2008, but once Martinelli took office 'irregular dealings were evident not supported or removed from the account management, most transactions related to Petaquilla '.
These transactions were not reflected as cash movements to avoid being detected by the regulator and the dates of purchase and sale of shares by Petaquilla match Martinelli investment movements Comar Distribuidora adds the information.
Again according to TVN, the April 23, 2010, the other account Martinelli Financial Pacific, personnel qualification, received a transfer of $ 50,000, from Cane Clark law firm based in Las Vegas, Nevada (EE. UU.).
This firm, as a specialized portal publishes USA ('Globallegalpost'), he was accused by selling stock at inflated prices, why are investigated by the Securities and Exchange Commission (SEC in English) under the FBI.
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SIXTY MONTHS
Ignacio condemns Fabrega
The First Criminal Judge Rolando Quesada Vallespi condemned to sixty months in prison Ignacio Fabrega, confessed to leaking inside information to Financial Pacific from its position in the Superintendency of Securities (VPS). The Third Anti-Corruption Prosecutor's Office appealed the sentence, and that he had requested the maximum sentence of eight years for the accused. However, the judge gave six years of discretion punishment to which he pulled twelve months for having hosted the abbreviated process.
