Former Panamanian president sentenced to 10 years in prison for money laundering

Former Panamanian President Ricardo Martinelli was sentenced to more than 10 years in prison for money laundering, the country’s attorney general’s office announced on Tuesday. 

The case, popularly known as “New Business,” alleges that the former president used public funds to buy a media conglomerate, in which he had a majority stake. The transactions involved several foreign money transfers totaling up to $43 million.

The Panamanian court found the former president guilty and sentenced him to serve 128 months in prison, in addition to paying a fine of $19.2 million. 

Martinelli, who governed from 2009 to 2014, has stated his innocence and claimed that the trial was politically motivated as he plans to run for the presidency in the 2024 presidential elections on May 5.

The former president became the first official candidate in the presidential race last month and a survey published in May put Martinelli as the front-runner, followed by former President Martin Torrijos. 

"We all know they want to convict me out of political interest," Martinelli said in a video. "I have no ties to illicit funds."

Martinelli’s defense team said it plans to appeal the sentence, claiming that he purchased the media company with legally obtained funds, the former president’s lawyer Carlos Carillo said in a news conference.

 "Ricardo Martinelli Berrocal's candidacy is solid," Carillo said about the former president’s plans. 

Martinelli, 71, is also facing money laundering charges for his alleged involvement with the Brazilian company Odebrecht, which has been accused of giving bribes to government officials in exchange for public-work contracts. 

In January, the United States barred Martinelli from entering the country over the Odebrecht case. He is expected to go to trial once again in January.

Two of Martinelli’s sons also served prison sentences in the United States for money laundering. 

Similarly, last week, the U.S. Secretary of State Antony Blinken announced that former Panamanian President Juan Carlos Varela Rodriguez, who held office from 2014 to 2019, was being banned from entering the country due to his involvement in corruption related to Odebrecht.