Kenneth Rijock

Kenneth Rijock

Monday, April 6, 2015

MUCH OF DAVID MURCIA'S FLIGHT CAPITAL ENDED UP AS REAL ESTATE INVESTMENTS IN CANADA


Readers who are still wondering where all the estimated $2-3bn in cash that David Murcia Guzmán (DMG SA) spirited out of Colombia, and into Panama ended up, may be interested to know that a substantial portion of those illicit funds (Pyramid/Ponzi scheme and narco-profits)  was used to purchase real estate in Canada.

A number of the " business associates" of Murcia, who were charged with laundering his cash, and who appropriated much of it for themselves after he was arrested and deported, moved the money into cooperating banks in Panama City, and thereafter transferred it to Canada, to make substantial real estate investments. Two of the Panamanian banks known to be involved in accepting the cash:

(1) A Canadian bank with a local presence in Panama.
(2) A local Panamanian bank, which was formerly a Financiera (MSB), and has a history of being fined and cited by regulators.

Other sources advise that a lesser amount of the money was used to purchase real estate in South Florida, especially in the Palm Beach, Deerfield Beach area. There is no information available regarding the status of these properties, but none are believed to have ever been seized by American authorities. 

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