Wakeds have $300 million bank debts

COMPANIES connected to Nidal and Abdul Waked and  seven other  individuals, included on the Clinton list by the U.S. Office of Foreign Assets Control (OFAC) for activities related to money laundering and drug trafficking, have accumulated bank debts exceeding $300 million

Minister of Trade and Industry Augusto Arosemena said Monday  May 17 that the government is working in coordination with representatives of the Wakeds, the banks and the U.S. Treasury Department.

“The solution must not only take into account the continuity of enterprises, but of the financial loans. [There are loans on] Soho Mall, La Riviera and Grupo Wisa. What can’t happen is that a bank is left seeking assets,” he said.

Last week, U.S. Ambassador in Panama John Feeley said that there is substantial evidence that the Wakeds have been involved in money laundering for drug traffickers.

Nidal Waked was arrested May 4 in Bogota, Colombia, and is waiting to be extradited to the United States where prosecutors are calling for a 50 year jail term. Panama prosecutors are investigating Abdul Waked and the other individuals named but no charges have been laid.