As of yesterday, Alejandro Maldonado Aguirre is the new
president of Guatemala, following the abrupt resignation of Otto
Perez Molina. Mr. Perez Molina now faces an arrest warrant on
charges of corruption for conspiring with or – at the very
least – having knowledge of the existence of criminal
organizations within the country.
The underlying corruption investigation was carried out by local
prosecutors and the U.N. Commission, and allegedly involves a
scheme in which importers allegedly paid bribes to avoid or reduce
import duties and obtain benefits from Guatemala's customs
agency. The state was believed to have been defrauded for millions
of dollars.
At this time, it is unlikely that this succession will have an
immediate effect on foreign assets held in Guatemala.
