Clinton list suspect seeks $1.286 billion from State bank

A  $1.268  million demand for compensation from Panama ’s state bank has been admitted by Supreme Court magistrate Abel Zamorano.

The latest demand presented by Abdul Waked, cited by the US Treasury for alleged money laundering. and involvemrnt with drug cartels is twice the capital of the National Bank of Panama (BNP) and Waked’s claim is for financial and moral damages.

Waked alleges that he was pressured by the Government and BNP that acted as trustee of the trust to which Soho Mall was transferred when he was included in a sanction list of the  US State Department.

Until now it was believed that Abdul Waked had voluntarily surrendered the ownership of Soho Mall to a trust controlled by its creditor banks, in an attempt to save the center from the consequences of its inclusion in the US Clinton List. But now, more than two years later, the merchant alleges that he acted under “undue pressure” by the Government and the National Bank entity that acted as fiduciary in the transaction.

The creation of a trust was the alternative accepted by Waked for the US Treasury to lift sanctions on Soho Mall. The United States prohibits its citizens and companies from commercial or financial relationships with anyone on the Clinton List; the prohibition, , extended to suppliers, stores and brands of American origin linked to Soho Mall.

Waked transferred the assets to a trust on July 1, 2016, and on June 14, 2017, the United States withdrew the sanctions.

Waked, still remains on the list, and now claims to have suffered “Losses valued at $1,268 million” as a result of the transfer of the Mall.  The BNP capital is $650 million. operating funds of the Government and the Social Security Fund reports La Prensa

In the claim filed on May 23, Arturo Hoyos – ex-judge and latest Waked  lawyer  – argues that the Trust agreement contains terms “abusive” to his  interests,since later he had to agree on payment agreements with several creditor banks, “when the purpose of delivering the assets of Westline Enterprises, Inc. to the Soho Trust was precisely to settle the debts of all the creditors of Waked and the companies of which he is a shareholder or final beneficiary “.

Valuation
Westline owned the three plots on Calle 50 where Soho Mall stands. A  2016  report, set the commercial value of the land and improvements at $615 million.

In a clause, the trustor “expressly waives any action or claim against the fiduciary, the board of directors of the operating company, the project committee or the banking referred investment … as a consequence of any sale, transfer or other transfer

of the project”. That means that the BNP could not be sued, which Waked knows, since he put his signature on each of the contract sheets says  BNP.

The lawsuit is now in the office of magistrate rapporteur Abel Zamorano.

Zamorano has already denied a $165 million claim for compensation by  Waked, presented against the BNP, for its performance in the trust to which the Felix Mauro stores were transferred, also as a result of its inclusion in the Clinton List.

Waked also undertook actions in the United States, without luck reports La Prensa.