Panama’s electoral court revoked former President Ricardo Martinelli’s immunity from prosecution to face charges of insider trading while he was in office.
The multimillionaire supermarket tycoon, who left Panama in January and who is believed to be in Miami, is facing half a dozen corruption probes, including charges of embezzlement, espionage, taking bribes and selling pardons.
The electoral court said in a statement that it was removing Martinelli’s immunity at this point only in regards to charges of insider trading.
Martinelli, who boosted growth in Panama with an expansion of the Panama canal and other construction projects, has immunity from prosecution as the head of the Democratic Change party.
According to Panama’s stock market regulator, Martinelli, may be guilty of insider trading on shares of Canadian miner Petaquilla, dating back to when he was in office between 2009 and 2014.
Martinelli has denied any wrongdoing, alleging that his successor and adversary, President Juan Carlos Varela, has gone after him for political reasons.
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Panama’s ex-president found in contempt in spying probe
A Panamanian judge has declared former President Ricardo Martinelli in contempt of court for failing to appear at a session in which he was expected to be charged with illegally spying on opponents.
Judge Jeronimo Mejia adjourned Friday’s session when the former conservative leader didn’t appear as ordered. He said it was up to the Supreme Court to now order Martinelli’s arrest.
The case is the most-advanced of a half-dozen probes against the billionaire supermarket magnate, who governed Panama from 2009 to 2014, a period of record-fast growth but also perceptions of widespread corruption fostered at the top.
Martinelli is accused of illegally intercepting the e-mails, phone calls and communications of at least 150 opponents, journalists and civil society groups. Two former heads of the National Security Council have been arrested in the case. If found guilty, he faces up to 21 years in jail.
Martinelli, who now serves as lawmaker in the Central American parliament, was been stripped of his immunity from prosecution in the case, as well as in another probe in which aides are accused of inflating contracts worth $45 million to purchase dehydrated food for the government’s hallmark social program.
Martinelli has denied the charges and says he is the target of persecution by his successor and former vice president, Juan Carlos Varela. He left the country in January, shortly after Varela took office, and his whereabouts are unknown.
Luis Eduardo Camacho, a spokesman for Martinelli, said Friday upon arriving to the courthouse that guarantees don’t exist to ensure a fair trial free of political vendettas.
Several opponents believed to have had their communications intercepted gathered outside the courtroom demanding the former president’s appearance.
“Justice needs to be served,” said Balbina Herrera, who ran against Martinelli in the 2009 elections.