Panama Scandal

Panama Scandal

 

a swindle involving abuses and corruption in the management of the Compagnie Universelle du Canal Interocéanique, formed in France in 1879 to organize the digging of the Panama Canal. More than 800,000 people acquired shares in the company. By 1888 more than twice as much money had been spent on the construction of the canal as had been planned, and only one-third of the work had been completed. The company halted work and terminated payments. Its failure bankrupted and ruined tens of thousands of small shareholders. A judicial examination of the affair between 1889 and 1893 revealed that the company, finding itself in financial difficulties, had bribed influential officials, politicians, and newspaper editors. The investigation of the Panama scandal by the authorities uncovered corruption deep within the bureaucracy of the Third Republic. The affair provoked a public outcry. However, almost all of the officials entangled in the scandal escaped punishment, and only the minor defendants were convicted. The term “Panama scandal” has come to denote large-scale fraud and swindles.

V. A. DUNAEVSKII

References in periodicals archive ?
Akbar said that everything was working out fine for the Sharif family until their names came in the Panama Scandal in 2016.
The caption of the cartoon confirms it relation with Panama Leaks because there was an intense dispute between the government and opposition political parties over the terms of references for probing the Panama scandal and accountability of Prime Minister Nawaz Sharif.
Aleem was arrested in light of the Panama scandal investigation, it added.
Following his arrest, NAB had issued a statement stating his arrest was made in light of the Panama scandal investigation.A NAB spokesman said that Aleem misused his authority as a lawmaker for Parkview Housing Society.
He had a quadruple bypass just as the Panama scandal hit the headlines, after all, and one heart surgery before that.
Power struggle with the establishment aside, there is a structural reason why Nawaz Sharif continued to slide deeper into this mess since the Panama scandal.
He urged the PTI chief to avoid selective accountability and also make accountable all 436 persons involved in Panama scandal.
Most Pakistani watchers aver that the case against Nawaz Sharif Family is more political than legal and that in this case, the Sharifs were deemed guilty when the Panama scandal broke in April 2016.
However, Supreme Court initiated proceedings into the Panama scandal over the PTI's threats that it would lock down the country, if no action was taken.
For example, when a scandal explodes, read the Panama scandal, legal rulings, etc.
Nawaz Sharif has been in hot water since the Panama scandal and it hasn't been easy for him ever since.
And we may be absolutely right in declaring that the Panama scandal is a blessing in disguise for changing the fate of this country for the better.