LUIS ENRIQUE MARTINELLI LINARES and RICARDO ALBERTO MARTINELLI LINARES, the two grown sons of former Panamanian president Ricardo Martinelli Berrocal, have been charged with money laundering conspiracy and bribery in US District Court in the Eastern District of New York. The defendants received a reported $28m in bribes from the construction giant ODEBRECHT, allegedly as intermediaries for their father, so that he would grant the firm massive construction contracts in Panama.
RICARDO MARTINELLI THE FORMER PRESIDENT OF THE REPUBLIC OF PANAMA HAS LEARNED THAT HIS TWO SONS ARE CHARGED IN THE USA WITH MASSIVE MONEY LAUNDERING AND BRIBERY
The defendants formed shell companies to take possesion of, and conceal the illegal payments, which they then allegedly funneled to their father. the shell companies were incorporated in the British Virgin Islands, and the Bahamas. US and Swiss banks were involved in the movement of criminal proceeds, which gave rise to the money laundering charge.
The defendants were reporedly being extradited to the United States from Guatemala. readers who wish to review the Criminal complaint and Affidavit in Support of an Application for Arrest Warants may access the complete text here.
Contributed by Kenneth Rijock - Financial Crime Consultant
Chronicles of Monte Friesner - Financial Crime Analyst