I have heard that residents in Boquete Panama has been hurt by the failure of the investment firm Financial Pacific.
Apparently in an audit by the Superintendency of Securities the firm was discovered to be missing seven million dollars. Panama Guide
It might be of interest to know that the President of the Republic has been busy using his office to deny that he had any involvement with the failed company.
The National Chamber of Commerce has issued this statement in asking for an investigation into the failure of the firm.
“This case undermines the international image of our country, since its effects are counterproductive in the attraction of investments and has a bearing on the value of shares that are quoted on the stock exchange, which ends up creating insecurity for current and future investors in Panama,” the chamber said. “We join the pronouncements made by the Superintendency of Banks of Panama, the Panama Stock Market and the Panama Chamber of Capital Markets for due transparency and a quick, complete investigation that clarifies what happened with Financial Pacific.”
The newspaper La Prensa, no friend of the President, has published a lengthy article tying President Martinelli with Financial Pacific and the Petaquilla Gold mining operation in Panama. Petaquilla is a publicly held Canadian company.
La Prensa claims to have documents from the fraud investigation process in Financial Pacific, linking Martinelli with this brokerage.
“The investigation was performed from 22 to 29 November 2012, and she, Pellegrini (A former employee of Financial Pacific currently in custody), said that managers of Financial Pacific, West Clare and Ivan Valdes, said publicly that an account called High Spirit is “Mr. Ricardo Martinelli.”
“There is an account called High Spirit, which Mr. Ivan Valdes and West Clare have publicly stated that Mr. Ricardo Martinelli had the opportunity to manipulate the stock market value of shares of Petaquilla. In this way, they could make money with inside information he received President Martinelli on Petaquilla’s performance. ”
Martinelli accused La Prensa of “manipulating information”, and try to involve him in a “small problem”.”
According to the same article in La Prensa the “Officials of the British Columbia Securities Commission, the Canadian regulator which is subject Petaquilla Minerals Ltd. – contacted yesterday by The Canadian Press on publications in Panama, preferring for now “no comment on the issue.” In this city, the Embassy of Canada decided not to comment, stating that the ambassador, Sylvia Cesaratto, is on holiday in your country.”
There is much more background on the Newsroom Panama site.
and more on the Panama Guide.
In 2012 we have seen the collapse of Pronto Cash, the seizure of COACECSS Cooperative and this issue with Financial Pacific. I for one would not consider putting any significant sum of money into any entity in Panama.