Petaquilla issues nonsense statement about Martinelli

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Martinelli at the Petaquilla mine

Ricardo Martinelli visits "his" Petaquilla mine

The shysters at Petaquilla Minerals made an attempt to come to the rescue of stock pumper-in-chief Ricardo Martinelli, with a statement. And what did that statement say?

It says that Martinelli is not a shareholder of Petaquilla, and not a director of any company that owns Petaquilla shares.

Well, duh.

One of the great advantages of Panama's corporate laws is that you can own and manage a corporation and be completely invisible at the same time. The simplest way to do that is by using bearer shares, and one can also have the corporation owned by a foundation, of which you are then the unregistered protector. Add more layers and smokescreens as you see fit.

If Financial Pacific whistleblower Mayte Pellegrini talks about Martinelli's secret account, does anyone then think that he would allow for himself to be listed anywhere as the beneficiary of it? How secret would that be?

The statement by Petaquilla is so incredibly transparent that it is practically an admission of guilt. It reeks of the kind of stupidity that might find its origin with Camacho Castro, or Chello Galvez, or even il capo himself. It is that dumb. This might also be the reason that they haven't dared to publish their drivel on their own website.

Meanwhile, the case has been elevated to the status of an official scandal. Things in Panama become official scandals when foreign newspapers report on it - it's the cue for politicians, the local media and "civil society" that now things are serious. The Spanish paper El Mundo ran a story on Martinelli's stock schemes, which triggered an angry denial from the supermarket king. He will probably claim that the PRD secretly runs the Spanish broadsheet too!

P.S.: Kudos to Inca Kola News for the heads-up!

3 thoughts on “Petaquilla issues nonsense statement about Martinelli

  1. Raul Hernandez Lopez was Minister of Commerce and Richard Feifer was Governor of Coclé when they negotiated with the Canadians the rights to mine. Both of them are huge shareholders of Petaquilla as a result of abusing their posts at that time to favor Petaquilla and others with the lucrative contracts.

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