Credit card use set to return to Felix Maduro

CREDIT CARD use will soon be restored to the Felix B. Maduro department stores as they emerge from the shadow of the Waked family money laundering scandal.

The news was conveyed to employees by  Minister of Labor Luis Ernesto Carles on Monday June 6.

Carles updated workers on  the transfer of all the assets of the companies to a trust, with representation from five creditor banks.

That will allow the store to cut its ties to Abdul Waked, who was placed on the Clinton list by U.S. authorities for his links to money laundering. The inclusion on the Clinton list meant that the stores could not have any ties to the United States, which hampered its ability to process credit card transactions or deal with suppliers.

Carles said that he wanted to convey to the workers that the stores would continue to operate under the umbrella of the trust.

He added that credit card services could be restored in the coming days.

He also informed them that their employment benefits are secure, and they take priority over other financial obligations of the store reports La Prensa

The National Bank of Panama will act as trustee