The Clinton Foundation and the Panama Wind Farm

The White House spokesman Josh Earnest is under criminal investigation. It is believed that Hillary Clinton when she was Secretary of State between 2008 and 2012 illegally solicited around $250m for the Clinton Foundation via her official government email and when on official trips as Secretary of State.

The investigation is also looking in the Panama Free Trade Agreement where Hillary Clinton inserted a clause into agreement whereby Panama was obliged to privatize the State owned energy assets. These state were later purchased by a consortium led by Clinton Foundation Director Rolando Gonzalez-Bunster whose investors included the Clinton Foundation.

The assets were sold at around 25% of the estimated value and the former Prime Minister of Panama Ricardo Martinelli who negotiated the Panama Trade deal with Hillary Clinton is now in hiding in Miami Florida and is wanted by the Supreme Court of Pnama for corruption charges which includes charges related to his involvement int he sale of the sate energy assets tot the Clinton Foundation associates.

In November 2015 former US President Bill Clinton made a special trip to Panama on behalf of the Clinton Foundation to dedicate the opening of a wind farm in the Penonome district of Panama. The Clinton Foundation is an investor in the project with its stake believed to be between US$10-$15m. The company originally involved in the development of the project Union Eolica Panameña SA (UEP) a subsidiary of a Spanish based company Union Eolica Española is no more. The project started back during the administration of now disgraced former President Ricardo Martinelli who and wanted on crime of corruption, stealing of state assets and money laundering.

Martenelli is a personal friend of the Clinton family and now resides in self imposed exile in Miami Florida with the Obama administration refusing to process a request from Pamana to extradite Martenilli back to Panama to face court. In the United Sates Martenelli is remember as the man who negotiated the US-Panama Trade Promotion Agreement with former Secretary of State Hillary Clinton. In Panama he is remember for his asset stripping of the Panamaian government, transferring state asset into his own account and that of his friends, underselling state assets to US interests and then fleeing to the United States with what has been reported as upward of $500 millions dollars.

InterEnergy

Union Eolica Española was dissolved in 2012 and in its place emerged InterEnergy Holdings LP a private equity firm shrouded in secrecy and based in the Cayman Islands. InterEnergy is run by Rolando Gonzalez-Bunster a Greenwich Connecticut based Argentinian born former VP in charge of international operations for Gulf & Western Industries, a personal friend of the Clinton family and a Director of Clinton Foundation.

In the 1980s González-Bunster was the man placed in charge of the privatisation of the Dominican energy sector that took place at the insistence of the United States as part of the negotiations of the Dominican Republic-Central America Free Trade Agreement.The Dominican Alliance Against Corruption (ADOCCO) has accused González-Bunster of defrauding the government of at least taxes and fees to the tune of some $90 million by grossly inflating management costs and thus understating profits of the privatisation of the Ege Haina and Ege Itabo companies that were spun off of the old public electric company. Gonzalez-Bunster with his string of company’s based in the tax haven of the Cayman Islands and Panama is believed to be a client of Mossack Fonseca.

González-Bunster daughter Carolina graduated from Georgetown in 2008 and then went to work for Goldman Sachs in Dubai before returning to the United States to take a job with the Clinton Foundation. Her exact role at the Clinton Foundation is unknown but she refers to Bill Clinton a here mentor. Bill Clinton attended her 2014 wedding to Goldman Sachs equity fund manager Stefano Bonfiglio at the González-Bunster mansion in the Dominican Republic which was covered by Vogue Magazine.

Hong Kong based company Goldwind International Holdings is the comapny that is handling the supply of wind turbines as its part as a stake holder in the US $564m dollar project with the Clinton Foundation and InterEnergy. The project is largely financed to the tune by a loan $300 million comes from the International Finance Corporation (IFC) a division of the World Bank. The Executive Vice President and CEO of the IFC who approved the deal is Hong Kong based Chinese citizen Jin-Yong Cai who before his current role worked at the CEO of Goldman Sachs China and before that worked at Morgan Stanly where he was a key player in development of China’s first joint venture investment bank the China International Capital Corporation.

The Inter-American Development Bank, the Panama’s state-owned Caja de Ahorros and Banco Nacional de Panama banks as well several private lenders are also involved in the financing, and a deal signed brokered among Bill Clinton, Rolando González-Bunster and Ricardo Martinelli in 2013 under the auspices of the Energy Committee of the Clinton Global Initiative. The Chair of the Energy Committee of the Clinton Global Initiative is none other than Rolando González-Bunster. As part of the deal several key state energy generation and distribution assets were transferred to the then González-Bunster run Cayman IslandsUnion Eolica Panameña SA (UEP).  At this stage it is unknown if González-Bunster actually contributed any capital InterEnergy private equity fund that he runs is the major stakeholders. At this stage the true owner of the InterEnergy is unknown.

In 2015  InterEnegry Gonzalez-Bunster the establishment of the Panamian wind farm  project in which the Cayman Islands based  InterEnergy bundled the former state owned from Panama with other former state assets from Dominican Republic, Panama, Jamaica and Chile from another Gonzalez-Bunster run equity fund Basic Energy. The deal saw InterEnergy acquired power generation plants that were previously owned and sold to Conduit Capital Partners 2 years earlier by Gonzalez-Bunster run Basic Energy . Conduit Capital Partners is a New York private equity firm that spceialises in buying state energy assets from Latin and South America company on the back of trade deals with the United States. The deal was brokered by Morgan, Lewis & Bockius a Philadelphia based firm whose major client is US gas firm UGI and who list Republican Ted Cruz as a partner in the firms Houston Office.

The InterEnergy wind farm project is being sold globally by the Clinton Foundation as the progressive and green face of globalised capitalism. The project is within keeping of the environmental assurance given to the US Congress when Hillary Clinton was Secretary of State in the promotion of the US-Panama Trade Promotion Agreement. In May 2015 InterEnergy went to Panama’s Supreme Court seeking to be exempt from Panama’s environmental laws for what end? The asserted before the court that this exemption was part of the deal brokered by Bill Clinton, Gonzalez-Bunster and Martinelli  in the setting up of the company and the wind farm project. The court is yet to announce its decision on the InterEnergy petition.

Bill

Former President Martinelli wasn’t in Penonome for the ribbon cutting ceremony and the job was left Clinton and Gonzalez-Bunster to do. By most accounts other than his own, Martinelli before he left for self imposed exile in Miami ran a grossly corrupt semi-authoritarian government. Martinelli is still wanted by the Supreme Court in Panama and if he is ever made to return he faces charges of illegal wiretapping, misuse of public funds, stealing state assets, taking bribes and giving illegal pardons.

 

See also The Clinton Foundation and the Redevelopment of the former Howard Air Force Base in Panama

 

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