FINANCE

Martinelli's brother-in-law linked to ‘High Spirit’

The account was opened at the brokerage firm Financial Pacific.

It was allegedly used to trade shares of a mining stock that benefitted from decisions made by the former president.

Temas:

Business owners close to the administration of Ricardo Martinelli (2009-2014) moved large sums of money through the brokerage house Financial Pacific using an account named "High Spirit," which has been linked to the former president.

The account was linked to the former president by former FP employee Mayte Pellegrini in 2012, who said it was opened to manipulate the shares of Petaquilla, a mining company that benefitted from decisions made by Martinelli.

Although Martinelli has denied having any type of relationship with that account, among the signatories were his brother-in-law, Aaron Mizrachi.

According to the Superintendency of Securities, deposits to the account were made by Caribbean Holding Services, the same company that made payments to the Israeli defense firm NSO Group to purchase spy equipment during the Martinelli administration.

Other transactions involving the account have been linked to Felipe Virzi, who is being investigated for irregularities in the failed irrigation project in Tonosí, and Cristóbal Salerno, who is linked to the Cobranzas del Istmo case.

According to the law which regulates the securities market, an account can only engage in transactions of its owner, and can't be used by other parties.

The account was used to purchase shares of Petaquilla a related companies, some of which saw their value increase by more than 100 percent after those companies received favorable decisions from Martinelli.

These trades have prompted an investigation by the Superintendency of Securities.

La cuenta negada por Martinelli Expandir Imagen
La cuenta negada por Martinelli

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