Soho Mall bought by Mexican interests
SOHO MALL, on Calle 50, once the thriving flagship of the Abdul Waked family business empire until it was hit with allegations of links to money laundering and drug trafficking has been sold.
The buyers are two Mexican business groups: Cinépolis, an international theater operator with a presence across Panama and in the mall. The other is a shopping center operator.
The transaction was estimated at $350 million reports La Prensa.
The mall had been in the hands of banking creditors, seeking to recover loans .
Soho Mall was included in May 2016 on the Clinton list of the U.S. Office of Foreign Asset Control, which identifies companies and individuals allegedly linked to money laundering from drug trafficking.
The US Treasury Department has granted a series of licenses that allowed certain operations of the complex, but the flow of customers dried up and many businesses closed in the last year, and visitors to the movie theatre walked through a ghost mall that once flaunted high end retail stores and restaurants.
A tour of the facility showed that there were 25 businesses still open, down from 68 a year ago says La Prensa.
Business owners are banking on a rebound in business.
