A Panamanian court today convicted the country’s former president Ricardo Martinelli of money laundering and sentenced him to 10.5 years in prison and fined him $19.2 million, hampering his bid to seek another term in the 2024 presidential election.

In early June, the prosecutor had asked for the maximum sentence (12 years in prison) for Martinelli in connection with the case of the acquisition with public money of the majority of the shares of the publishing group Editora Panama America in 2010. According to the prosecution, the group was acquired through of a network of anonymous companies, into whose accounts an amount of 43.9 million dollars was opaquely deposited, originating from bribes allegedly received by the former president (2009-2014) in exchange for public works contracts.

Martinelli, 71, also faces bribery charges in the much-vaunted scandal involving Brazilian construction company Odebrecht, which allegedly bribed presidents and other politicians across Latin America.

The former head of state, owner of a supermarket chain, has repeatedly denied the allegations, citing “political persecution” to prevent him from running in the upcoming elections.

Martinelli will appeal the decision, exhausting all legal remedies, Carlos Carrillo, the former president’s lawyer, announced at a press conference. “Ricardo Martinelli’s candidacy remains unwavering,” he stressed, estimating that there is time for the sentence to be reduced.

A poll conducted in May by the company Campaigns & Elections Mexico showed Ricardo Martinelli as the favorite for the presidency of Panama, with former president Martin Torrijos second.