A Panamanian court found former President Ricardo Martinelli guilty of money laundering and sentenced him to over 10 years in prison. The charges stem from Martinelli’s use of public funds to purchase a media conglomerate and give himself the majority stake. The verdict ends Martinelli’s bid for a new presidential term next year.
Martinelli published a video in which he maintained his innocence and claimed the verdict is politically motivated. Four others were charged in connection to the media conglomerate scheme. Martinelli also faces money laundering charges in connection to a massive bribery scandal involving government officials across Latin America. Two of his sons returned to Panama after facing money laundering charges in Guatemala and the United States. A May survey placed Martinelli as the front-runner in the 2024 elections, and Martinelli’s lawyer claims his candidacy remains valid as the appeals process begins.
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