By Elida Moreno

PANAMA CITY A Panamanian court sentenced former President Ricardo Martinelli to more than 10 years in prison for money laundering, the attorney general's office said on Tuesday, threatening the politician's bid to run for the presidency next year.

The court imposed a $19.2 million fine on Martinelli, judicial authorities said in a statement.

The case, known as "New Business," was opened in 2017 when authorities became aware of possible financial crimes linked to the purchase of a news outlet, the statement said.

Martinelli became the first official candidate for Panama's 2024 presidential election last month after he was elected by the party Realizando Metas, a group he founded two years ago.

The former president's spokesperson Luis Camacho said his team will analyze what he called a legal attack on Martinelli.

The United States barred Martinelli from entering the country in January, accusing him of accepting bribes in return for improperly awarding government contracts during his 2009-2014 administration.

(Reporting by Elida Moreno; Editing by Richard Chang)