In extremis US Extends Licenses to Waked Companies

The Bureau of Foreign Assets has extended until March 10, 2017 the license for Soho Mall and up until July 13th the license for the newspapers La Estrella and El Siglo belonging to the Gese Group.

Thursday, January 5, 2017

The extended license for Soho Mall will facilitate the sale of the shopping center, which will continue operating with US companies and will have access to the country's financial system until March 10, 2017.

See document from the Bureau of Foreign Assets.

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Mexicans Buy Soho Mall in Panama

June 2017

After several months of negotiations, Grupo Cinépolis has announced that in an alliance with another Mexican company it has acquired the mall, previously owned by the Waked group.

The transaction comes one year after the US Treasury Department's Office of Overseas Assets Control (OFAC) authorized the inclusion of Soho Mall Panama assets into a trust fund in order to facilitate the sale process. 

New Extension for Soho Mall License

March 2017

The US Bureau of Foreign Assets has extended once again, this time until April 28, the license which allows Soho Mall Panama to keep looking for a potential buyer for the mall.

The new extension is a sign that the process of selling the mall has not yet been completed, a process for which a trust was created in December last year to which the assets of the company owned by Waked were transferred. To be sold, the buyer of mall must prove that it does not have any links with the Waked companies.  

Soho Mall Can Now Be Sold

August 2016

The Bureau of Foreign Assets has extended the license to facilitate the sale of the shopping center in Panama, after authorization was given last month for the transfer of the property to a trust. explains that "...If the sale of assets involves businesses or citizens, the transaction must be authorized by the OFAC, through the issuance of another license. "

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.