Facilitation of Sale of Felix B. Maduro Companies

The Office of Foreign Assets Control has granted a license, until December 14, 2016, to access the US financial system, and allow the sale of the companies to be managed.

Tuesday, June 14, 2016

The license granted by the Office of Foreign Assets Control and the US Treasury Department (OFAC) is valid until December 14 this year and authorizes the companies Importadora Maduro, Maduro Internacional and Lindo & Maduro to make arrangements for them to be bought.

If the transaction involves U.S. companies or citizens, it must be authorized by the OFAC, through another license.

In early June, Abdul Waked transferred the assets of Importadora Maduro, Maduro Internacional, and Lindo & Maduro and a trust controlled by a five creditor banks, to ensure the sustainability of Felix B.Maduro.

See: "How to Keep Waked Businesses Running" and "Want to Buy La Riviera in Tocumen?"

Prensa.com reports that "... The new board, as trustees, will be receive the offers to purchase the assets. The proceeds of the sale will be used to pay employee benefits, bank loans with collateral and debts with suppliers, in that order of priority. If anything is leftover, the money will be deposited in a restricted account, which Abdul Waked will be able to access, if he is eventually taken off the Clinton List. "

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