Presidential Silence

Thursday, December 27 2012 @ 12:03 PM EST

Contributed by: Don Winner

President Ricardo Martinelli has remained absolutely silent about the allegations linking him to the supposed use of privileged insider information to manipulate shares of the company Petaquilla Minerals.

Members of Martinelli's Cabinet have also not spoken or made any public statements about the accusations being made by Mayte Pellegrini, the principal person who has been charged with the embezzlement of about $14 million from the Financial Pacific brokerage firm.

Luis Eduardo Camacho, the Secretary of State Communications, was the only one who spoke, but he just explained their strategy of remaining silent.

The lack of a response from the president and his administration contrasts to the reaction from various sectors in the country, including politicians, business leaders and financial executives. The Panama Stock Exchange was blunt in a statement: "We demand action to safeguard the system."

Rolando De Leon, the former Commission of the now defunct National Securities Commission, said that "the country's institutions have been much affected."

And the financier Philip Chapman questioned the action taken by the Supreme Court to suspend the reorganization process of the brokerage firm, which had been ordered by the regulator.

Martinelli, in Financial Pacific (FP) Bank - Plans for the Pacific Financial brokerage firm included the creation of a bank called FP Bank. They had chosen a site in a building under construction in Obarrio.

According Mayte Pellegrini, partners in the operation would be the president, Ricardo Martinelli, and his son of the same name. Pellegrini even said the two, as well as the rest of the directors, were presented to the employees in the offices of Financial Pacific. Neither the president nor his son - who is out of the country - have replied to the accusations being made by Pellegrini. (Prensa)

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