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Alemán, Cordero, Galindo & Lee (commonly known by its abbreviationAlcogal) is alaw firm based inPanama. Founded in 1985, the firm represents several multinational companies operating in Panama and was chosen as the Central American law firm of the year byChambers Global in both 2007 and 2013.[1]Jaime Alemán Healy is one of the founding partners. The firm has offices in several countries in addition to Panama, including jurisdictions such asThe Bahamas,Belize, theBritish Virgin Islands,Hong Kong,Singapore, andSwitzerland. The firm is affiliated with the internationalMeritas network.
The firm was named as one of the largest sources of leaked documents in thePandora Papers scandal.[2][3][4]
In 2021, Alcogal was reported to haveincorporated around 200companies in Panama and other jurisdictions forBanca Privada d'Andorra, a relatively unknown private bank based inAndorra, several of which were later used to transfer funds associated with political corruption in Venezuela. In 2015, when United States authorities accused the bank's managers of accepting exorbitant commissions to help clients launder $4.2 billion, Alcogal withdrew. The private bank's clients included former high-ranking officials of Venezuela's state-owned oil companyPetróleos de Venezuela. Some of the Venezuelans involved in the scandal were also clients of Alcogal, for whom the firm had set up offshore companies. Alcogal subsequently resigned as the legal representative of these companies.[3]
International clients of the law firm includeCitibank, the US pharmaceutical companyPfizer and theBank of Nova Scotia, as well asCredit Suisse.[3] The firm has worked for a number of Central and South American banks as well, includingBanco General (Panamá) [es],Banistmo,Bancolombia,Banesco, St. George's Bank & Co.,Caja de Ahorros [es], Banco Aliado,Credicorp Bank [es], andBanco Latinoamericano de Comercio Exterior (BLADEX).[5]
Alcogal has also worked in the past with companies and individuals involved in large corruption networks, including theglobal bribery operation of Brazilian construction giant Odebrecht SA (now known asNovonor). Alcogal managed the shell company of Brazilian football officialJosé María Marín, who was involved in theFifagate international football corruption scandal.[6] María Marín was later sentenced to prison for bribery.[3]
According to the ICIJ, Alcogal also set up two companies forJuan Carlos Varela (former president of Panama, suspected by the press of having financed his election with money laundering funds, as well as for his brother, father and other relatives).Nasry Juan 'Tito' Asfura, a candidate for president of Honduras in 2021, also (in 2006) had a company called Karlane Overseas SA registered in Panama by Alcogal, whose 10,000 shares minus one were transferred in 2007 to Asfura. Jordan'sKing Abdullah, Czech Prime MinisterAndrej Babis and Kenya's PresidentUhuru Kenyatta have also used the company's services, likely for tax shelter purposes.[7]
Alcogal helpedGennady Timchenko, a Russian oligarch and close confidante of Vladimir Putin, set up a shell company.[8]