How to Keep Waked Businesses Running

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.

Tuesday, May 10, 2016

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.

An article in Laestrella.com.pa reports that "... President Juan Carlos Varela decided to act on the 'complicated' (in his own words) outlook of the economic emporium belonging to the Waked family: three ministers will be responsible for negotiating with conglomerates, their creditors and the Embassy of the United States, which included them in the Clinton list. "

See: USA Denounces Money Laundering Network in Panama

"... Negotiation with creditors and the United States to allow these enterprises to operate, is the first stage of the plan to stabilize the situation of the emporiums, the president said. The second: advance the investigations opened by the Public Ministry shortly after the announcement of the inclusion of the companies in the Clinton List ".

See: The Waked Case In Perspective

"... official sources told La Estrella de Panama that the Government has not ruled out the involvement of state banks in the event these private entities have access to financing closed to them, entities which employ nine times more personal than, for example, the Canal Authority. Wisa Group has assets of $1.5 billion and owns, among other businesses, the shops La Riviera and Felix B. Maduro. "



More on this topic

Want to Buy Soho Mall?

July 2016

Abdul Waked has authorized the transfer of assets from the mall to a trust in order to ensure the continuity of its operations.

The mall that was previously owned by Waked will be able to keep operating, while creditor banks reorganize its finances and a sales process is defined. Soho Mall is located in the financial district of the capital.

Soho Mall Could Also Be Put in Trust

June 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.

Closure Announced of Duty Free Store La Riviera in Colombia

May 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.

Negotiations for Temporary Licenses for Waked Companies

May 2016

In order to protect sources of employment the Panamanian government wants the US to grant permissions so that Waked Group companies can temporarily transact with US citizens and businesses.

From a statement issued by the Ministry of Economy and Finance (MEF):

Objective is to protect the jobs of Waked companies

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