SHAREAbe Manadabe (@DaviCavaco)
11 November, 2021|VONGANE
Former-President António Brafeo has been arrested and faces corruption and laundering charges for his role in the Guttesmara scandal.
Former-President António Brafeo is facing corruption and laundering charges after being arrested late Thursday afternoon in connection to the ongoing Guttesmara scandal. Having only been removed from executive privileges six days ago with President Emília Medeiros' inauguration, Brafeo is now expected to face a trial to determine the full extent of his criminal action while he was in office.
In June, Brafeo denied wrongdoing in the Guttesmara scandal, saying "I can say with certainty that nothing I did in the process of interacting with Guttesmara was malicious. Nothing I did was harmful to the integrity of the financial systems of Quetana. Nothing I did boosted my own personal gain. I deny all wrongdoing, and I will cooperate fully with the investigation to see that this is proven."
Brafeo's connection to the scandal, which has been investigated since March of 2020, is an authorization from Guttesmara Corporation, owned by Brafeo's brother Jorge Brafeo, to increase its ownership share of the Bank of Quetana bank from 12.6% to 20%, thereby making it the largest single shareholder. This occurred in 2017, when in 2018 Guttesmara was bought by the Bank of Quetana, which occurred following competition between the two banks; that would ultimately lead to the main shareholders going to Bank of Quetana, which created allegations of stock manipulation, specifically attempting to influence the price of Guttesmara stock through an active misinformation campaign.
Brafeo denies being involved in any insider trading as a chief government representative through the process. However, it is publicly believed by investigators that President Brafeo aided his brother's company in gaining inside material of the Bank of Quetana, which functions partially as a government entity. Funds used by Brafeo and his family in the years following the takeover of Guttesmara marked several massive transactions being traced to the takeover, including helicopter trips and luxury vacations to Sulifa, Zamastan, and Albarine.
Several officials of Guttesmara were arrested for insider trading and market manipulation, including Jorge Brafeo who was sentenced to five years but was released after serving only 6 months. President Brafeo is also being investigated for obstruction of the Judiciary investigation, as it is suspected that he altered sentencing for his brother and other political allies. Cash transactions traced back to Guttesmara also point to the involvement of other key politicians in the Social Democratic Party.
The scandal and the lingering implications of it led to the resignation of many top politicians, including Foreign Minister Reis Mantagra. It also led to an economic crisis due to unsustainable debt growth which led to a Coalition of Crown Albatross bailout, which Quetana has struggled and staggered to recover from since.
President Medeiros and her office declined to comment on former-President Brafeo's arrest, having stated previously that they would not pursue any involvement in investigations or possible sentencing.
SHARENataniel Vidal (@DaviCavaco)
11 November, 2021|VONGANE
President Emília Medeiros is headed to Besmenia for the C21 Summit, her first foreign trip.
President Emília Medeiros is en route to Freiz, Besmenien, for the C21 Summit and her first foreign trip as President. She is expected to meet with multiple heads of state one-on-one aside from the general collective conference, slated to meet at length with fellow WEDA member-state heads President Atticus Moreau of Zamastan, President Akram Sulaiman of Emmiria, Chancellor Sadie Melhaven of Albarine, and Prime Minister Vincent Gatostico of Vitosium. She is also expected to meet at length with President Xi Jingyi of De Yuan as her government levies out its first bout of sanctions against the Yuaneze communist party.
President Medeiros is looking to make a big impact as the freshly minted leader of the C21's powerhouses. She is also looking to further push the TIDI proposals that have been led by Moreau's government with the pursuit of interconnected the global economy even further. The C21 Summit is expected to bring up the issue of economic stray, which has led to strained supply lines and a slump in the global economy. Multiple factors are on track, experts say, to influence a coming recession. While the recession is unavoidable according to most economists, it is very possible to stave off the major impact of it by strengthening the global supply lines.
"It's vital that the world comes together in order to pressure away a recession," Medeiros said prior to her flight. "I am excited to meet with these leaders and introduce myself, but most importantly I'm anticipating the opportunity to present our plans to strengthen our collective economies. We can do this."
Medeiros' first foreign trip is being hailed as one of the most important events a Quetanan president has undertaken. Not only the worrisome state of global economic trends, experts say, but the vital necessity for Quetana itself. As Quetana's economy has been stagnated for nearly five years, the work Medeiros is planning to push with her allies is a huge factor for Quetana's recovery. However, Medeiros also is planning to push the economies of the C21 to do more to elevate the middle and lower classes in their economies through corporate regulation, which has been largely unpopular in many high profile economies where corporations are the backbone of their GDPs.
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