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Ricardo Martinelli (2019 recording)
Photo: Eric Batista / dpa
Panama's former President Ricardo Martinelli has been sentenced to ten years and six months in prison. He was found guilty of money laundering in the purchase of a publishing group with public funds in 2010, according to the Central American country's judiciary. According to the court ruling, the 71-year-old must also pay a fine of 19 million dollars. Martinelli rejects the allegations and can still appeal.
Martinelli was president of Panama from 2009 to 2014 and had sought a renewed candidacy in the presidential election in May 2024.
According to the indictment, Martinelli and his accomplices used a number of shell companies during his tenure as president to siphon off nearly $44 million from government infrastructure projects. With part of this money, Martinelli bought a majority stake in the media group Editora Panamá América, whose newspapers adapted their reporting to his interests.
Martinelli considers himself a victim of political persecution
Martinelli repeatedly denied the allegations, stating he was a victim of political persecution to thwart his presidential candidacy in the May 2024 election.
The ex-president is accused in a separate case of money laundering at the Brazilian construction giant Odebrecht. The case will be heard in August. Odebrecht had pleaded guilty in a U.S. court in 2016 to paying more than $788 million in bribes to government officials and political parties, mostly in Latin America, to win contracts.
The billionaire and supermarket magnate Martinelli won the presidential election in 2009 with the promise to take action against rampant corruption in the country. But after his tenure, the Panamanian judiciary investigated numerous scandals in which he was involved, and a dozen ministers were arrested on suspicion of corruption.
The ex-president's name also appeared in the Panama Papers, which dealt with the creation of offshore companies to hide money in tax havens. However, he denied being involved in any illegal activities.
Four other defendants in the so-called New Business trial received prison sentences of up to eight years. The judge in charge ruled on the confiscation of the shares and assets of the publishing house Editora Panamá América in favour of the state.
ktz/dpa/AFP