Tender for Duty Free Spaces in TocumenTuesday, September 20, 2016 Indications have been given that the tender will be held in October and will include the 77 duty free premises in Terminal 1 which are currently operated by Grupo Wisa and Attenza, of the Motta Group. Among the duty free premises that Tocumen is planning to tender in October, are those which were concessioned to Grupo Wisa and Attenza, of the Motta Group, whose contracts expire in December 2017. Prensa.com reports that "...The bringing forward of this contract renewal is due to, according to Temístocles Rosas, Vice President of Administration and Finance at Tocumen SA, 'the withdrawal of Wisa group', which was recently included in the sanctioning 'Clinton List.' " Panama: Felix B. Maduro Store Chain SoldTuesday, March 3, 2015 Grupo Wisa SA, of Panamanian origin and which has a presence in 14 countries, has acquired 100% of the shares of the company's retail chain Felix B. Maduro. From a statement issued by Felix B. Maduro: Outlook Improved for Tocumen DebtTuesday, May 24, 2016 Fitch Ratings has upgraded from negative to stable the outlook on the issuance of $650 million made in 2013, after another $575 million was successfully issued a few days ago. In its statement, the rating agency noted that sanctions imposed by the Office for Assets Control of the United States Department of the Treasury on companies that are part of Grupo Waked Internacional (Wisa), for allegedly operating a money laundering scheme, will not have a material impact on the Tocumen's credit rating. Tocumen Bonds Sale Canceled Because of Waked CaseWednesday, May 11, 2016 As a holder of concessions for duty free shops WISA contributes 7% of the revenues of Tocumen SA, and its inclusion in Clinton list has rattled investors. An article in Prensa.com reports that yesterday "... the stock broker Citivalores informed the Stock Exchange of Panama that the initial purchaser of the issue, Citigroup Global Markets, decided that the original conditions set out in the purchase agreement had not been met and voided the bond offer made on May 4 and whose closing date was May 11." Guatemala: Duty Free Premises in Aurora to be AuctionedFriday, October 14, 2016 In less than a month the Directorate General of Civil Aviation is expected to auction seven premises which until now have been occupied by the Wisa Group with its brand La Riviera. As part of the investigations into alleged tax evasion undertaken by the Public Ministry since October last year, "... they have started to pack up the merchandise that was in the seven premises leased by Wisa Group from the Directorate General of Civil Aviation (DGAC)." Want to Buy La Riviera in Tocumen?Tuesday, June 7, 2016 In addition to the OFAC license which must be obtained by the company that acquires the operations of La Riviera, the transaction must also be approved the authorities of Tocumen. In order to protect the image of the international airport in Panama City, the authorities have announced that they will thoroughly investigate companies that express interest in buying the operations of the duty free shops La Riviera, before giving their approval. Felix B. Maduro Companies Can Be SoldThursday, June 2, 2016 In order help keep the chain stores operating, the Office of Foreign Assets Control has authorized the breakdown of links to the ownership and control of Wisa Group. The aim of these measures is to "protect the workforce", at Felix B. Maduro, Importadora Maduro, S.A. and Maduro International, S.A. Grupo Wisa, which can now start a process to disassociate themselves from Wisa, Abdul Waked and Mohamed Abdo Waked. Judicial Closure of "La Riviera" Branches in Aurora AirportFriday, October 9, 2015 As part of a fraud investigation, the temporary closure has been ordered for ten stores belonging to Panama's Grupo Wisa, which operates in the Guatemalan airport under the La Riviera brand. The order given by the public prosecutor of Guatemala is part of an open investigation for fraud and involves the temporary closure of ten branches and a warehouse belonging to the company Tiendas Libres de Guatemala S.A., known as La Riviera. The Waked Case In PerspectiveMonday, May 9, 2016 The identification of Grupo Waked in a money laundering network could result in significant changes in the representations of brands marketed in the country. An article on Prensa.com cites Jorge Garcia Icaza, president of the Chamber of Commerce, Industries and Agriculture of Panama, who emphasized that restraint should excerised when dealing with the case in order to minimize damage which it is estimated could be caused, especially in relation to jobs in the companies under question. Tocumen Bond Issue RevivedFriday, May 13, 2016 After the cancellation, because of the Waked case, of the issuance of $625 million at 5.375%, Citigroup has announced a relaunch of the issue, and is now offering $500 million at 5.625%. An article on Prensa.com reports that "... Tocumen, SA, a public company that runs the country's main airport, yesterday relaunched a bond issue with which it is aiming to raise funds to complete construction of its new terminal, T2 ... How to Keep Waked Businesses RunningTuesday, May 10, 2016 A ministerial group has been created to find solutions for keeping these sources of employment going and the involvement of state banks has not been ruled out. A commission at the Ministry of Economy, Labour and Commerce has been announced, which will include representation of the Groups Wisa and Vida Panama in order to address saving the thousands of jobs at risk. Soho Mall Could Also Be Put in TrustWednesday, June 8, 2016 The solution accepted by OFAC so that companies in the Felix B. Maduro Group can continue to operate could be extended to Waked's assets in Soho Mall. In an unprecedented measure, the Bureau of Foreign Assets (OFAC) of the US Treasury has authorized the delivery of corporate control of Felix B. Maduro companies to a trust, in order to facilitate the continuation of their operations. And according to an article on Prensa.com, "...Shareholders of Felix B. Maduro, one of the companies that is part of Wisa Group , the business empire of Abdul Waked, who is included on the Clinton List, accepted the terms and conditions provided by the Government with the United States Department of the Treasury (EU) to ensure the continuity of their businesses. " Closure Announced of Duty Free Store La Riviera in ColombiaFriday, May 27, 2016 La Riviera Colombia has submitted its companies under control of the Superintendency of Companies and twenty suppliers and customers have announced the end of their trade relations. In a statement La Riviera S.A.S. specified that it asked the authorities to take control of the Colombian companies La Riviera S.A.S., Santafe Duty Free S.A.S. and La Riviera Duty Free S.A.S., "... Tender of Duty Free Premises in TocumenTuesday, April 26, 2016 The airport administration is working on details of a tender to be launched in September 2016 for commercial spaces in Terminal 1 and 2, which is still under construction. Two of the current concessionaires of commercial spaces in Terminal 1, Waked International, SA (WISA) and Motta Internacional have already expressed interest in participating, while for the new terminal, the manager of Tocumen SA, Joseph Fidanque III stated that there are a lot of companies that are interested in the upcoming tender process. More Waked Group Businesses ClosedWednesday, May 18, 2016 In Uruguay, where the group operated three duty-free shops, authorities have filed a complaint for alleged money laundering, and Nicaragua has closed a store that operated in Penas Blancas. In Nicaragua the duty free shop La Riviera which operated at the border post of Peñas Blancas has been closed by order of the customs authorities of that country. In Uruguay, the Central Bank and the National Anti-Money Laundering Asset Secretariat presented a criminal complaint on May 13 to the Specialized Organized Crime Justice against the Panamanian Group Waked alleging money laundering. |
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