Ed Moynan disappeared in 2012 and was later found dead.
Ed Moynan's body was found in a suitcase in Panama in March 2013, in a park not far from the gated community where he lived with his wife, Louise Moynan.
He was 68 and had been reported missing in November 2012.
A 56-year-old Swiss man the couple knew as a neighbor was arrested in connection to the case on Friday, according to Louise Moynan and her lawyer, Carlos Sanad.
Ludwig Pereira had been the subject of an international police bulletin that said he was wanted on suspicion of homicide.
"We had reliable information that one of the suspects was walking freely in Panama City … I'm also a consultant with the national police of Panama, we started working on the case and thank God we had an effective arrest of the suspect," Sanad said in an interview with All in a Day host Stu Mills.
"The problem in Panama is there's a lot of people wanted ... in Panama, we the attorneys have to act like investigators, we have to act as lawyers, we have to act as police; myself I was waiting for this guy last Friday with my handcuffs and my gun just in case the backup didn't show up."
Swiitzerland's Ludwig Pereira has been arrested in connection with the death of Ed Moynan, a 68-year-old Ottawa native living in Panama. (INTERPOL)
"It's very difficult to me, going back to this," Louise Moynan told CBC News on Tuesday morning. "All I'm praying for is that whoever did this ... are [brought] to justice. That's all I'm hoping for, that justice is served.
"I don't think I have enough vocabulary, words to describe the frustration. It's been very very difficult," she said, adding that it's been hard to deal with a judicial system she doesn't understand.
The couple had moved to the beach town of Coronado after selling their Ottawa business, Centennial Glass. Louise Moynan returned to Ontario after her husband disappeared.
At the time, police in Panama said the couple's home was found ransacked. Moynan's broken glasses, wallet and watch were also found in the home.
Sanad told CBC News an investigation suggests there may have been others involved in the killing, a crime which carries a maximum penalty of 50 years in prison in Panama.
He added the time this case has taken means prosecutors will have to ask their superior court for an extension before Pereira is formally charged or conditionally discharged. (cbc.ca)
Editor's Comment: Ed Moynan gave Ludwig Pereira a large sum of money to invest in real estate in Chiriqui, and he was supposed to return a profit. The investments didn't pan out, and Pereira poorly spent and mismanaged the money. Moynan began to pressure Pereira to return the money, and then shortly thereafter Moynan disappeared.
Ludwig Pereira has been the primary suspect in this case from day one. It's good to see the slowly turning wheels of justice in Panama have finally caught up to him. I suspect he probably paid someone else to actually do his dirty work for him. Let's see what comes out, now that he's sitting in a DIJ holding cell, looking at a 50 year murder rap.
Consider this. William Dathan Holbert and Laura Michelle Reese were expats, and all six of their victims were also expats. Javier Martin is a Spaniard (expat) who killed the American Don North and Frenchman Jean Pierre Bouhard. The American Brian Brimager killed his American girlfriend Yvonne Baldelli in Bocas del Toro. And now here's yet another case of one expat killing another. It seems apparent expats living in Panama should be most concerned about the possibility of being killed by another expat...