Waked family loses another jewel

ANOTHER JEWEL  has been removed from the fading crown of the Waked family  business conglomerate in Panama.

The Superintendency of Securities (SMV) has ordered the reorganization of Balboa Securities Corp., the subsidiary of Balboa Bank & Trust, an entity that is going through a similar process, reorts La Prensa.

The action was taken by acting Superintendent Loraine Chavarría de Sinclair, who appointed Ariel San Martín Méndez to reorganize the securities firm.

He is also handling the reorganization of Balboa Bank & Trust. During the intervention period, the institution was under the control of Rosaura González.

In a final report, González recommended the reorganization of Balboa Securities Corp. He  estimated the process would take six months.

Both the bank and securities firm were taken over by regulators in early May when they were placed on a sanctions list by the U.S. government. That action was taken due to their relationship with the Waked family, who are accused of laundering money for drug traffickers.

The action prevents any entity with ties to the United States from engaging in transactions with the bank or securities firm.

Nidal Waked is the treasurer of Balboa Bank & Trust, whom the U.S. government identified as one of the ringleaders of the money laundering scheme.

Waked is being held in Bogota, Colombia, waiting to be extradited to the United States to face criminal charges and a prosecutor who is calling for a 50-year jail  term.