Panama Sends Envoys to China for First Talks Since Establishing Ties | Weekly News Roundup, August 7th, 2017

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Welcome to the Panama Weekly News Roundup! Here’s the latest.

Will Miami judge extradite Panama’s former president?

Did former Panamanian President Ricardo Martinelli break the law when he directed an alleged spying mission against his political enemies? Or is he merely a victim of the current Panamanian president’s effort to bring him back from Miami to his homeland to face criminal charges?

A Miami federal judge who has already denied Martinell’s bid for bond will hold an extradition hearing Thursday that is framed by these two questions. Magistrate Judge Edwin Torres must determine whether evidence provided by Panamanian authorities supports charges that the 65-year-old Martinelli orchestrated an espionage scheme against his rivals using a government-funded surveillance system. If Torres reaches that conclusion, the judge would likely grant Panama’s extradition request.

Source: Miami Herald

Enel working with Morgan Stanley to sell Panama assets: sources

Italy’s top utility Enel (ENEI.MI) is working with Morgan Stanley to sell its Fortuna hydroelectric plant in Panama as part of broader disposal plans, three sources with knowledge of the matter told Reuters.

The process recently kicked off, the sources said, with Enel inviting possible bidders to submit indicative offers for the business, which is the biggest hydropower station in Panama, two of the sources said.

Enel, Europe’s biggest utility by market value, runs an asset rotation program under which it sells some of its assets to buy others that may offer potentially higher returns. In the period 2017-2019 it plans to sell around 3 billion euros ($3.6 billion) of assets in its portfolio while investing around 4.5 billion euros in new acquisitions. “It’s not an easy asset to sell since there are not many buyers out there,” one of the sources said on condition of anonymity. Another source said Enel was assessing the sale of a series of assets, including the Panama hydropower station.

Source: Reuters

Panama sends envoys to China for first talks since establishing ties

Panama’s government will send a delegation of senior security and trade officials to China for talks beginning on Tuesday, the first such diplomatic mission since the two nations established relations nearly two months ago.

Panama’s envoys will meet Chinese Public Security Minister Guo Shengkun, besides top Beijing security and migration officials, the Central American nation’s information ministry said in a statement on Sunday.

Trade talks will be held with the China Council for the Promotion of International Trade (CCPIT), the statement added, aimed at boosting bilateral trade as well as “promoting Panama as a regional headquarters for Chinese banks (and) companies.”

Source: The Star


Gamboa, Panama: A great natural excursion, just miles from the city!

If you’re looking for a fun outdoor activity that’s both close to the city, and immersive with natural surroundings, look no further than Gamboa, Panama. Gamboa is a small Canal Zone town that sits in the middle of a rainforest, about 30 minutes drive north from Panama City. As a town on its own, there’s not too much to do in the form of typical city entertainment, however, if nature and adventure are your things, it’s one of the most fun places to visit in Panama. It’s also home to the Gamboa Rainforest Resort, which, among offering resort-style lodging, offers a wide variety of guided excursions, spa treatments, dining, and tours!

If you’re planning on taking a day trip to Gamboa, we recommend going early and making the most of it. You can either park in town, or head up to the Gamboa Rainforest Resort and park there if you’re doing any of their paid excursions or tours. Once parked, regardless of your plan, it’s definitely worth it to take a walk around town. Town is small, but a beautiful piece of Panama history (specifically in the Canal Zone) and right up on all of the splendors of nature. From town or the resort, you can walk through marked trails into canopied rainforest. It’s rural enough to give you a great flora/fauna experience, yet the trails are short enough to be able to pass through in about 30-40 minutes. The trails are free to enter, so this is also a great way to start your exploration without spending any money.

Source: POLS Blog


About Manoj Chatlani

Manoj Chatlani is a Senior Partner at POLS Attorneys, a full-service law firm in Panama City, Panama. Specializing in offshore services, including asset protection, estate planning, offshore banking, and offshore corporations, as well as Panama immigration and real estate transactions, POLS Attorneys offers clients a streamlined solution to all their Panama legal needs. Manoj is a Panamanian lawyer and holds a law degree from USMA and earned a Masters in Communication Law and Panama Tax law.

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