Mexicans Buy Soho Mall in Panama

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.

Wednesday, June 7, 2017

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. 

According to information published by Prensa.com, "... The Cinépolis group, an international theater operator with a presence in Panama and in Soho Mall, has allied itself with a developer of shopping centers to take over the reins of the complex. The operation was valued at $350 million."

In July last year, after the OFAC included Waked International companies in the Clinton List, Abdul Waked authorized the transfer of the mall's assets to a trust in order to ensure the continuity of operations.

Read the details of the Waked case here:  

"USA Denounces Money Laundering Network in Panama"

" The Case Waked in Perspective "

" Soho Mall Stores and the Clinton List "

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More on this topic

Soho Mall Taken Off Clinton List

June 2017

After the sale of the shopping center was confirmed to a Mexican group, the US Treasury Department has lifted the sanctions it imposed in May last year.

The exclusion from the list of persons and companies linked to money laundering and drug trafficking activities was confirmed by the Office of Foreign Assets Control (OFAC) on its website on June 14. 

Soho Mall Stores and the Clinton List

August 2016

As time passes there is growing uncertainty on the part of traders that have shops in Soho Mall about the future of the company which has been included on the US government's list of companies suspected of money laundering.

From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP):

Panama: Interventions in Balboa Bank and Balboa Securities

May 2016

As a result of the inclusion of both companies in the "Clinton" list drawn up by the US Treasury Department, the respective Superintendents have ordered interventions.

For its part the Administration of Supervision and Regulation of Non-Financial Subjects activated special supervisions in non-financial companies which are listed by the OFAC as part of the network, in this case those operating in Colon Free Zone: Grupo Wisa, S.A., Vida Panama S.A., Servicio de Equipo Rodante Incorporado and Grupo Cima S.A., among others.

USA Denounces Money Laundering Network in Panama

May 2016

A list of people and companies involved in international money laundering includes brothers Abdul and Nidal Waked, another 6 individuals, and 68 companies, among which is Balboa Bank.

The businessmen Abdul and Nidal Waked and companies such as Grupo Wisa, Vida Panama and Balboa Bank, have been included in the "Clinton" list which indicates which people and related organizations are linked to money laundering and drug trafficking activities.

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