After his drug dealing conviction we wrote about earlier, Inca Kola News came out today with the next document leaked from the inner hallways of Petaquilla, the disaster ridden goldmine headed by Richard Fifer.
The document is a court decision ordering Fifer to pay back $475,000 he, ummm, misplaced, so to speak. What happened?
What happened was that Mr. Fifer had this company, called Minamerica. And in 1994 that company had a cash flow problem. To solve that cash shortage, he asked for and obtained a loan of $400,000 from Inversiones Geologicas, a company owned by one Julio Benedetti.
Fifer then proceeded to clean out Minamerica by having his own company lend the borrowed money to himself. What did he do with it? We don't really know, but suspect it wasn't invested in any mining business but more likely went to party supplies.
So, when Benedetti/Inversiones Geologicas asked for their $400k back, Fifer replied that, unfortunately, Minamerica didn't have any assets to pay back that loan and was, in fact, as good as bankrupt. Benedetti then found out that Fifer had in fact taken that money out of Minamerica for himself, and went to court.
The court then ruled that Fifer had to pay back the money, plus interest, amounting to $475,000.
The case comes on top of earlier revelations about Richard Fifer's business philosophy. Since his drug dealing conviction, Fifer has consistently taken the low road in almost anything he set his eyes upon. His tenure as the governor of the Coclé province resulted in him being charged with having converted $47,000 from the Spanish government for the Arias Madrid Brothers Museum in Penonome for his personal use and that he pilfered some $68,000 from the Cocle provincial government through ghost employees. In those cases, an arrest warrant was issued, Fifer went in hiding, and - get this - met with investors and president Martín Torrijos at the presidential palace while being a fugitive.
A day after that meeting, some judge ruled the arrest warrant illegal after Fifer had deposited $100k, even though the charges were still pending.
Conclusion? Let's quote Inca Kola News:
FerCryinOutLoud, you must be mad to put your cash to work under the auspices of a scumbag drug dealing fraudster like this. DYODD.
We couldn't have said it any better.
(The court document referred to can be downloaded here)