BRIEFS: International

Panamanian implicated in spanish fraud case

A Panamanian, whose name has not yet been revealed, has been implicated in an alleged case of fraud in Spain that also involves Lorenzo Sanz, the former president of Real Madrid.

The Panamanian, who has only been identified by his initials FGM, is accused of attempted fraud and forgery of documents.

In yesterday's edition, the newspaper El País reported that the Panamanian regained his freedom on the orders of a judge in Córdoba, but has to report to authorities every day.

The investigation, according to reports, began on Sept. 18 when the accused opened two accounts at a branch of Banesto, in Córdoba, one of which was in the name of a foundation.

The Panamanian allegedly deposited a promissory note from a nonexistent bank in Hong Kong, and presented a copy of the Articles of Association of the foundation. In return, the bank issued a certificate of deposit.

Last Friday, the Panamanian returned to the bank, but because the fraud had been detected, he was arrested.

When taken into custody, the Panamanian, who claimed to be the vice president of a foreign company, was in possession of seven other payment orders which were later determined to be fraudulent.