PANAMANIAN COURT REFUSES TO ALLOW PROMINENT BUSINESSMAN TO BOND OUT ON TAX AND SALARY OFFENSES

FROM THE - CHRONICLES of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA~~Contributed & Written by Kenneth Rijock ~

Richard Fifer

In what many will certainly regard as the actions of a kangaroo court, devoid of any loyalty to the rule of law, Richard Fifer, whose former company owes Social Security taxes, and salaries in Panama, was refused bond. 

Fifer a dual citizen of Panama & Canada, a former provincial governor, and a former diplomat. If anyone qualifies to be released on bond, for any purpose, he certainly qualifies. Additionally, Petaquilla's debts and obligations cannot be imputed to him under a fair interpretation of Panamanian law.

Political influence is believed to have caused the court to order him held, though the circumstances will now serve as an abject warning to foreign businessman, that they could be indefinitely imprisoned, while their possible liability for corporate obligation is sorted out, which could take years. Fifer was relieved of his official duties some time ago, and many legal authorities state that he has no personal liability. 

The detention is being seen as an improper method is insuring payment,  notwithstanding that he probably has no liability. The proceedings will certainly raise risk levels for foreign businessmen and investors thinking of coming to Panama. 

PANAMA IS BEING TESTED BY IRANIAN

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA   ~Contributed & Written by Kenneth Rijock ~

IRAN MOVES INTO THE REPUBLIC OF PANAMA

Panama watchers are reporting major Iranian interest Panama's new immigrant investor laws, and rumors that a large number of Iranian families will be relocating there are unsettling, in light of the fact that observers believe that Iran will use Panama as a base from which to expand its political presence, and investments, in Latin America.

 

Both Iranian bankers, and prominent builders, have been testing the waters in Panama City as an operations center. Iran already is heavily invested in Venezuela, where the regime has welcomed it with open arms, and to a lesser extent the leftist (and anti-US) governments in Peru, Ecuador, and Nicaragua all are experiencing increasing Iranian investment placement.

 

There is no evidence yet of an connection, between Iranian players and the members of Panama's powerful Syrian organized crime organization, but given that their interests have joined in other jurisdictions, one can expect that such a mutually beneficial accommodation will, sooner or later, be reached.

 

Iran seems determined to carve out a sphere of influence in Latin America, as the United States has been, more or less, absent from the region, as a major figure, ostensibly due to pressing issues in other parts of the world, and Panama, as an international financial center, with an expanding free trade zone, and a booming economy, is a good jurisdiction to direct those operations.

 

It has also been used in the past to evade global trade sanctions existing against Iran.

 

Whether the expanding Iranian influence will require us to raise Country Risk on Panama is too early to tell, but we will be watching.

 

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REPUBLIC OF PANAMA AT THE EDGE OF COLLAPSE.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Contributed & Written by Kenneth Rijock

RAISE COUNTRY RISK ON THE REPUBLIC OF PANAMA

There are two new issues that are causing me to recommend that you take a fresh look at Panama for risk management purposes:

 (1) President Martinelli, who leaves office next year, has reportedly not only chosen his successor, (from his own party, of course) but he is carefully filling the agency that monitors election results with his own people.

There is a real concern in Panama that the  results of the upcoming 2014 election will be rigged to give Martinelli's candidate the office, whether he wins the popular vote or not. Election fraud has become a real possibility, especially given the notorious level of corruption in the Supreme Court of Panama, which would rule on any contested election issues.

The response of the population could result in destabilizing Panama, meaning that the economy would suffer.

(2) The treasury of the Government of Panama has been so severely depleted, that it can no longer consistently pay its civil servants each month.

Observers have accused the leadership of the loss of approximately USD$800m, which cannot be accounted for, and which has pushed the country deep into debt.

There is a plan to sell government bonds in the EU and North America, but it faces obstacles. Fiscal problems could be reflected throughout Panama's economy.

These fiscal and political issues clearly raise risk levels at this time. You should examine the facts, and make an educated decision, on your own, as to whether to raise Country Risk for Panama, but I suggest that it is justified.

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Financial Pacific exposes PANAMA GOVERMENT in Criminal Activities.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

PANAMA'S FINANCIAL PACIFIC INSIDER TRADING SCANDAL THREATENS TO EXPLODE

With her attorney claiming that the Government of Panama has committed human rights violations against her,  imprisoned whistle blower Mayte Pellegrini appears to be ready to disclose critical evidence against twelve high ranking individuals involved in the Financial Pacific insider trading scandal. Sra. Pellegrini has reportedly been illegally held incommunicado in the women's jail, denied access to her lawyer and family members, in an effort to prevent her information from becoming public knowledge, according to reliable sources in Panama City. A brief letter, apparently smuggled out of the jail, appeared in one of the city's major newspapers this week.

Pellegrini is allegedly ready to reveal "very secret information against senior government officials, " including two ministers. Furthermore, she is alleging that there were secret trading accounts, linked to Panamanian President Ricardo Martinelli and his sons. The scandal, which has rocked Panama's business community, also affects a prominent bank in Panama, which has gone from obscurity to the construction of a massive headquarters building in record time.

We shall  be closely following this case; stay tuned.