start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)


First Quantum (, Inmet (, Petaquilla (, Panama, President Ricardo Martinelli and Mayte Pellegrini

The stakes are high in the First Quantum ( hostile bid for Inmet (, owners of the Cobre Panama project in the eponymous country. There are a lot of sellside bullshitters screaming about the massive arb gains to be made when sweetens the bid to $79 or $80 or whatever other number the anal ysts are extracting from their collective hind quarter orifices too, so it's probably wise for those who care to hightail it over to Panama's "La Prensa" newspaper and read the half dozen or so (to date, more almost certain to come) reports on the scandal story that medium is currently breaking. According to the sworn statements of Mayte Pellegrini, an ex-employee of a Panama brokerage named Financial Pacific (FP) that's under investigation for shady practices by Panama's equivalent of the SEC, FP had a secret account fund named "High Spirit" which was used for the purposes of insider trading and stock price manipulation in several public traded companies. The only company specifically named as a target for treatment by High Spirit is Petaquilla Minerals (, the gold mining company headed up by Richard Fifer*. 

But the most interesting bit is that High Spirit, according to Pellegrini's sworn testimony, is owned and run by one Ricardo Martinelli, who just happens to be the President of Panama.

That kind of puts a different light on the failed bid by Inmet to buy out earlier this year, doesn't it? You have to kind of wonder whether has any idea of what type of political and financial snafu it's attempting to buy into here in Panama. Anyway, if you're thinking that the sweetener is some kind of slam-dunk, IKN strongly suggests that you get over to that Prensa link above and get wise on what's going down in Panama. What, you got trouble with Spanish? Oh deary me, you're at a bit of disadvantage then. 

 My thanks to reader JG for the headsup.

*see IKN posts passim for news and views on that company and its boss, including his history and convictions for cocaine and marijuana dealing