Panama: Democratic Change Party 's Bank Accounts Closed
Both Citibank and Banco Nacional de Panamá have closed accounts belonging to the Democratic Change Party, founded by former President Ricardo Martinelli.
Monday, May 11, 2015
In what appears to be a reaction to the scandals caused by the allegations of corruption on the part of members of the previous administration, Citibank and Banco Nacional have stopped attending to the accounts where the Democratic Party's administrators deposited money coming mainly from electoral subsidy.
An article on Prensa.com that "... Information obtained in this way shows that at least two banks in the capital have closed CD accounts. One is Citibank, of American origin, which through a note, communicated that they were able 'to attend to the accounts up until 13 March [2015]'. "
"... The local banking system is under scrutiny, after corruption scandals were uncovered allegedly involving former ministers, former directors of entities, and other former officials of the previous administration ... Research to advance anti-corruption prosecutions has revealed that millions of dollars obtained from alleged corruption were deposited in the banks. "
Frank De Lima, who until now has been the vice minister, will replace retiring Alberto Vallarino, and will continue with the current economic policy, according to President Martinelli.
The breakdown of the alliance between the Panamanian Party of Vice President Juan Carlos Varela and President Martinelli’s Democratic Change Party, caused the resignation of Economy and Finance Minister Alberto Vallarino and others in prominent government positions.
The resignation of the Minister of Economy and Finance has caused global concern about the stability of the country's economic direction.
The recent rupture of the alliance between the ruling Democratic Change party and the Panameñista party following the dismissal as Foreign Minister of Juan Carlos Varela, Vice President and President of the Panamanian Party, sparked a series of immediate resignations, including that of the Minister of Economy and Finance, Alberto Vallarino.
The Chamber of Commerce, Industries and Agriculture has again called for consideration of the effects that partisan conflict could have on the country's economic activity.
The rupture of the alliance between Martinelli’s Democratic Change party and the Panamanian Party, caused by the dismissal as Foreign Minister of Juan Carlos Varela , Vice President of the Republic and President of the Panamanian Party, sparked a series of immediate resignations of other main figures in the administration. Among those resigning are the Minister of Finance, Alberto Vallarino, whose departure from government may create uncertainty about the continuation of the country’s current economic policy.
The period for electoral propaganda ends today, just three days from the May 3 elections.
Panamanians will elect the successor to current President Martín Torrijos for the period 2009-2014.
Prensa.com reported: "The candidates for the Presidential Seat are: Ricardo Martinelli of the opposition Alliance for Change, the official candidate of the Democratic Revolutionary Party (PRD), Balbina Herrera and former president Guillermo Endara, of Moral Vanguard for the Country (VMP)."
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