A KEY PLAYER in a network of interlocking  corruption investigations  with links to the infamous “zero circle” of the Martinelli era, has been granted a $1 million release bond.

Riccardo Francolini, former chair of the board of directors of the state-owned Caja de Ahorros (CA) is facing trial for his role in the granting of a loan by the bank to the consortium HPCContratasP & V, for the alleged construction of a convention center in Amador.

Francolini has been in preventive detention in  El Renacer since October 12 last year. The prison  has been a recent temporary home to over a score of alleged malefactors under investigation for involvement in self-enrichment activities during the previous administration, many of them braying "political persecution."

Some of them are destined to return for longer spells and share the facilities, with former Supreme Court judge Alexandro Moncada Luna and other luminaries attempting to dodge their day in court. El

El Renacer  in Balboa, once housed deposed military dictator Manuelo Noriega. Moncada Luna is serving  a five-year sentence, but other charges mat be looing in the wings.

Once the bail is entered, Francolini will regain his freedom, at least for a while.

In May, he was granted bail of $200,000 by   Judge Vilma Urieta. The decision was appealed by the Anticorruption Prosecutor's Office.

The decision of the judge was supported by the Second Superior Court of Justice but bail was increased to $1 million, a fraction of the amounts involved in the alleged malfeasance. The ruling was supported by the magistrates María de Lourdes Estrada and Adolfo Mejía.

The accused "should have proceeded with greater zeal and care in the management of public funds, given that  in the end it turned out that the money loaned was diverted to third parties, without having at that time the guarantees or  guarantee that protected said loan, together with the fact that, according to what appears from the procedural records, it was he  who referred the HPCContratasP & V client to the banking entity, " said a press release from the Judicial Branch.

The bulletin does not specify if Francolini has any precautionary measures once the bail is entered.

The record shows that the  bank’s Board of Directors  chaired by Francolini, approved two lines  of credit one for $20 million and another for $10 million, which "did not have some requirements inherent to this type of loan, … as  highlighted in the internal audit report of the banking institution," said the judges.

Finally, $9 million was disbursed. Of that amount, a company of Francolini would have received $500,000.

Similarly, others charged by the prosecution stated that Francolini referred the consortium, represented by the ex-vice president of the Republic, Felipe Pipo Virzi, Ricardo Ricki Calvo and Manuel Morales Diez.

[caption id="attachment_61364" align="alignleft" width="300"] Valdes and Clare. Little left to smile about[/caption]

They are all being Investigated for the alleged commission of crimes against the public administration. The prosecution is also investigating  the other members of the Board of Directors of the CA and  manager Jayson Pastor and his deputy  Rodrigo Arosemena Pinogerente  along with the founders of the Financial Pacific (FP),  brokerage West Valdés and Iván Clare, among others.

Another name that keeps appearing in reports relating to the never ending story of FP, is ex-president Ricardo Martinelli .