Panama's top court rejects ex-president Martinelli's appeal to annul prison sentence

Panama's top court rejected former president and current presidential candidate Ricardo Martinelli's appeal to annul a 10-year prison sentence, a court official said on Friday, casting doubt on Martinelli's ability to run in the May election.

Martinelli was sentenced to a 128-month prison term last year for money laundering for his role in a case known as "New Business," which alleges public funds were used to buy a media conglomerate and give him a majority stake. Authorities have not issued a statement on his candidacy, but Panama's constitution bars from the presidency anyone condemned to a prison sentence of five years or more.

Martinelli, a multimillionaire supermarket magnate, held office from 2009 to 2014.