Soho Mall stores get temporary breathing space

THE WAKED owned Soho Mall   has been granted a temporary lifeline by the US  Office of Foreign Assets Control (OFAC) , which will see it through to the new year.

On Friday   July 1 OFAC extended  a temporary licence so that companies there can continue making transactions with American entities and individuals. It does not include Waked owned sores operating in the mall

The license is valid until Jan. 7, 2017 and will allow businesses in the mall to continue operating normally.

“It also allows more time to find a definitive and permanent solution,” said Vice Minister of Economy Iván Zarak.

Soho Mall was one of the companies linked to the Waked family that was placed on the Clinton list by OFAC, which is part of the U.S. Treasury Department.  The list identifies individuals or companies suspected of money laundering, and prohibits any American entity from engaging in business with companies on the list, including credit card providers.

Initially, the mall received a license which excluded it from the sanctions on a temporary basis. It was set to expire July 6.

The license does not cover Waked companies operating in the mall.

The extension of the license also gives time for the Wakeds to transfer all the assets of the mall into a trust, as happened with the department store chain Felix B. Maduro. The government has helped with this process to protect the jobs of Waked employees.