Really cool advertising but on a closer look, looks like this guy was the captain of the ship.
And many people hopped on board only to discover that they had lost hundreds of thousands of dollars and in some case millions of dollars. The ongoing investigation has taken many interesting twists and turns reaching all levels of government including the President himself. Until it all shakes out, the finger pointing will continue. Moral of the story, if it is too good to be true………….
The repercussions are now being brought out into the spot light, as several groups have voiced concerns on what this will do to the credibility of Panama’s Financial System. Prensa recently published an article that highlights this concern.
The prolonged intervention of the Supreme Court in the Financial Pacific puts into question the adequate functioning and reputation of the financial system.
The latest news is that the Chief Superintendent of the Panama Stock Exchange (SMV), Alejandro Abood, could recuse himself in the stock market scandal of the brokerage firm Financial Pacific (FP), suspended for embezzling 14 million dollars. FP has filed a lawsuit against Abood for his decision to reorganize the company and then suspend it until the close of the findings or a resolution from the Supreme Court, which theoretically impedes him.
According to superintendent Abood, the decision to recuse will be taken this week and he is considering whether it would be partial or complete, commenting “I do not know if it is necessary or warranted, otherwise all criminals would indite a judge to get away from him, if that was the case.”
Meanwhile, Vernon Ramos, deputy director of Financial Analysis of the Audit Department of the SMV, who audited Financial Pacific as well as two securities firms and found numerous anomalies, has been missing for the last two months.
The importance of this case for the credibility of the Panamanian finance system was revealed in a press release issued by the Panama Stock Exchange and the Central Latinoamericana de Valores and endorsed by the Chamber of Commerce, Industries and Agriculture of Panama which states that, “The Panama Stock Exchange (BVP) and Central Securities Latinoamericana (Latin Clear) deplore the chain of events and intrusions and omissions concerning the firm Financial Pacific Exchange, Inc. (Financial) and the serious implications this has on the functioning and reputation of our financial system”.
Source: Prensa.com
While Panama Advisory International Group does not run slick advertising, we approach financial advisory services very carefully and make recommendations depending on the goals and the assets an investor wants to allocate here in Panama. From simple time deposits in Panamanian Banks to real estate and agribusiness investments, we stand ready to be of assistance.