Waked loses Soho Mall

HOURS AFTER  tenants of Soho Mall were  given a temporary license to continue operating for six  months Abdul Waked  put pen to paper signing his  flagship jewel  into  a  trust with the management assigned to creditor banks and avoiding possible seizure.

Negotiations  ended at 11.30 pm on  Friday, July 1. The entity, which owes about $174 million, is now committed to the creation of a trust an  alternative proposed by a Panamaministerial commission to the United States Department of the Treasury.

On May 5, The Treasury, through its Office of Control of Foreign Assets to Abdul Waked, Soho Mall and 67 other companies in the Clinton list of companies with  activities linked to money laundering and drug trafficking.

OFAC prohibits US citizens and companies having  any relationship with companies on the Clinton List.

The  situation put  strong pressure on  Soho Mall, which has suppliers, stores and brands of American origin or with a strong trade links in that country. Given this scenario, and anticipating a deterioration of assets, creditor banks, with the mediation of the government formed a committee to find ways to restore viability to  Soho Mall and avoid possible seizures or bankruptcy proceedings.

The solution was the creation of a trust and the future shape of a governing body that will manage the shopping complex.

Untying Waked from Soho Mall allows the future sale of the shopping center, located in the banking area of the capital is given.

OFAC now should receive the translation of all negotiated documents to validate the effective ousting of  Waked and that a future sale does not benefit the merchant.

These are prerequisites so  Soho Mall could eventually leave the Clinton List and perform commercial and financial transactions with citizens and businesses without restriction.