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Headed Panama state owned bank

Riccardo Francolini

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

Related to  Panama
Data from: Panama Papers
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.

Response

Francolini did not respond to repeated requests for comment.
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