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Luis Enrique Martinelli pleaded responsible to cash laundering in scheme involving Brazil conglomerate Odebrecht
The son of Panama’s former president Ricardo Martinelli has pleaded responsible to cash laundering as a part of an enormous corruption scheme involving Brazilian building conglomerate Odebrecht, United States prosecutors stated.
Luis Enrique Martinelli admitted to conspiring along with his brother Ricardo to ascertain offshore financial institution accounts “to obtain and disguise over $28m in bribe proceeds”, the US Division of Justice stated in an announcement on Thursday.
“To advance the scheme, Luis Enrique Martinelli agreed with others to trigger the wiring of the Odebrecht bribe funds into and out of the US, and used a number of the proceeds of the scheme to buy a yacht and a condominium in the US,” the assertion reads.
The 39-year-old acknowledged that a number of the cash was used to purchase a yacht and a condominium within the US, in line with the division.
Sentencing for Martinelli, who was extradited to the US simply weeks in the past from Guatemala, is scheduled for Could 20 subsequent yr. He faces a most sentence of 20 years in jail, the Justice Division stated.
His brother stays in custody in Guatemala, awaiting extradition. Each had been arrested there in July whereas trying to journey to Panama and charged in relation to the scheme.
Their father Ricardo Martinelli, Panama’s ex-president, is himself underneath investigation within the Odebrecht scandal, however has introduced his intention to hunt re-election in 2024.
Investigations into Odebrecht have tarnished many leaders and political events in Latin America. Former bosses of the corporate have admitted in courtroom of illegally distributing hundreds of thousands of {dollars} of bribes, in alternate for public contracts.
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