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 defense 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.

The court imposed a $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 spokesperson Luis Camacho said his team will analyze what he called a legal attack on Martinelli.

The United States 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.

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