The case, known as “New Business,” was opened in 2017 when authorities became aware of possible financial crimes linked to the purchase of a news outlet, the statement said.

The former president’s defence will appeal the sentence and exhaust all the legal options available, Martinelli’s lawyer Carlos Carrillo said in a news conference.

“Ricardo Martinelli Berrocal’s candidacy is solid,” Carrillo said, noting he is still eligible to run for the presidency since there is time to challenge the sentence.

A survey published in May by polling firm Campaigns & Elections Mexico put Martinelli as the frontrunner, followed by former president Martin Torrijos.

The court imposed a US$19.2 million fine on Martinelli, judicial authorities said in a statement.

Martinelli became the first official candidate for Panama’s 2024 presidential election last month after he was elected by the party Realizando Metas, a group he founded two years ago.

The former president’s spokesman Luis Camacho said his team will analyse what he called a legal attack on Martinelli.

The US barred Martinelli from entering the country in January, accusing him of accepting bribes in return for improperly awarding government contracts during his 2009-2014 administration.