Another $500,000 payment has been linked to Riccardo Francolini, chairman of the board of directors of Caja de Ahorros during the administration of former President Ricardo Martinelli.

Earlier this week, prosecutors announced that Promotora y Desarrollo Los Andes,  a company linked to Francolini, , had indirectly received a $500,000 payment from Hidalgo & Hidalgo, the company that received a contract to build an irrigation system in Tonosí, Los Santos reports La Prensa.

That company allegedly paid at least $15 million in kickbacks to Felipe "Pipo" Virzi, a close associate of Martinelli, who then funneled the funds to other associates of the former president.

On Thursday, Oct 23, prosecutors said that another $500,000 payment was made to Compañía Digital de Televisión, S.A., the holding company of NExtv, of which Francolini is president. The money came from Clients Custody Account Inc., a company controlled by Virzi that also received payments from H&H.

The movement of these funds are part of the investigation into the contract, which cost the state $37 million despite no work being done on the project.

The investigation has also found that Ailedsabel González, a lawyer who represents both Virzi and his partner Gaby Gabriel Btesh - another close associate of Martinelli  who is believed to have fled the country,- received $525,000 in checks from accounts linked to Virzì.

Virzi, a former Panama vice president who controlled Banco Universal, in June confessed to having received bribes from H&H and turned over $10 million he was paid by the company. Virzi remains under house arrest. He is also implicated in dealings with jailed former Supreme Court  judge Alejandro Moncada Luna.