In extremis US Extends Licenses to Waked CompaniesThursday, January 5, 2017 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. 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. 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., "... 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." Mexicans Buy Soho Mall in PanamaWednesday, June 7, 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. Soho Mall Can Now Be SoldFriday, August 19, 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. Prensa.com 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. " 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. 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 ... New Extension for Soho Mall LicenseFriday, March 10, 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. $4.4 million for 80 meters in TocumenTuesday, April 3, 2012 Space in the duty free section of the Panamanian international airport is being given in concession via tenders where bids are in the millions. An offer has been made by Waked International Inc. (Wisa) superseding that of Motta International in a tender for 80 meters of commercial space in the north terminal of Tocumen International Airport. 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. 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. 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. " 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 Duty Free Tender in January 2017Thursday, November 24, 2016 The administrators of the international airport in Panama City announced that they will launch a tender in January for the business premises in Terminal 1. Although the administration of Tocumen International Airport said on several occasions that they estimated holding the tender before the end of the year, especially after the problem which occurred with stores belonging to Wisa Group, they have now announced that it will be in January 2017 when the announcement is finally made. 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. |
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