Press Release

The Fondo de Ahorro de Panama Welcomes New Board Members
Panama | May 19, 2016

The Fondo de Ahorro de Panama (the “Fund”) references today's announcement by the Ministry of the Economy and Finance (“MEF”), the Fund’s settlor, that Fred Kardonski, Alvaro Tomas Abrahams and Jean Pierre Leignadier have begun their appointment to the Board of Directors of the Fund for a seven-year term each. 

Mr. Kardonski has been president of the Fund’s Board of Directors since its inception in 2012, and is currently president and director of Towerbank International Inc. and Peikard International Corp.  Mr. Tomas is currently vice president of operations at the Fiduciary Unit of Grupo Morgan & Morgan.  Mr. Leignadier is currently general manager of Productos de Prestigio, S.A. 

The Fund has a seven board members.  New board members are nominated by the Executive branch and ratified by the National Assembly and serve for a period of seven years.


About the Fondo de Ahorro de Panama

The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and
  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706,

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