By: Staff Writer
July 25, 2023
Former Panamanian President Ricardo Martinelli has been sentenced to 10 years in prison for money laundering, a development that could impact next year’s general election.
Martinelli stated his innocence following the decision in the case, known as “New Business,” which alleges public funds were used to buy a media conglomerate and give the ex-president a majority stake.
“We all know they want to convict me out of political interest,” Martinelli said in a video. “I have no ties to illicit funds.”
Four others were also sentenced on Tuesday for their involvement in the scheme, according to a statement from the attorney general’s office. Martinelli was ordered to pay a $19.2 million fine in addition to serving 128 months in prison.
The former president’s defense will appeal the sentence and exhaust all the legal avenues available, Martinelli’s lawyer Carlos Carrillo said in a news conference.
Martinelli, who also a front runner in next year’s Panamanian elections, vowed last year that he is running for the country’s highest office despite other corruption charges floating about him.
A survey published in May by polling firm Campaigns & Elections Mexico put Martinelli as the front-runner, followed by former President Martin Torrijos.
Martinelli, who ruled Panama from 2009 until 2014, is also being pursued in connection with other corruption accusations.
He faces money laundering charges for his alleged involvement in a massive bribery scandal involving public officials across Latin America. The case is dubbed Odebrecht, the name of the Brazilian construction giant which was hired to carry out construction work in Panama.
His two sons had faced prison time in Guatemala and the US for money laundering in a case linked to Odebrecht. They returned to Panama earlier this year.
In January, the US barred the former president and his two sons from entering the country. He was accused of accepting bribes in exchange for unduly awarding government contracts during his tenure.