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Offshore Leaks Database

Data from
Panama Papers - The Power Players
Headed Panama state owned bank

Riccardo Francolini

Held offshore companies during years he helped run state-controlled firms

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Riccardo Francolini has been an officer or director of three state-run enterprises, including the state-run savings bank Caja de Ahorros, and belongs to the inner circle of former Panama President Ricardo Martinelli. According to press reports, he is suspected of having received at least $500,000 as part of a system of bribes involving Martinelli and associates related to a contract for a failed irrigation project. No charges have been filed against Francolini. He and Martinelli were also partners in the private Panamanian broadcaster NEXtv.

In the data

In January 2015, Mossack Fonseca resigned as the agent for two offshore companies owned by Francolini because the Panamanian law firm considered him a politically exposed person. He was listed as the sole shareholder of Jamefield Investment, incorporated in July 2014 in the British Virgin Islands. He was also president and co-owner ─ with his wife Iraida García ─ of Gladden Corporation, registered in the Bahamas in 1998.


Francolini did not respond to repeated requests for comment.
This visualization contains relevant information in relation to the profiled individual. Some additional connections might show up once we release the full structured data connected to the Paradise Papers investigation in the coming weeks.


There are legitimate uses for offshore companies and trusts. The inclusion of a person or entity in the ICIJ Offshore Leaks Database is not intended to suggest or imply that they have engaged in illegal or improper conduct. Many people and entities have the same or similar names. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. The data comes directly from the leaked files ICIJ has received in connection with various investigations and each dataset encompasses a defined time period specified in the database. Some information may have changed over time. Please contact us if you find an error in the database.

There are legitimate uses for offshore companies and trusts. Read more