$1.3 billion suit against State bank challenged

Panama’s  Administration,  Attorney  General Rigoberto González, has filed an appeal before the Third Chamber of the Supreme Court requesting the revocation of the admission of a $1.3  billion lawsuit filed by Abdul Waked over its role when a trust was set up to negotiate the sale of the assets of Soho Mall, after he appeared in the US Treasury Clinton sanction  list for alleged links to drug cartels and money laundering.

The merchant intends to condemn the State, through the National Bank of Panama (BNP) , to pay him just over $1,268 billion, for alleged damages, reports La Prensa.

González argues that the suit admitted on August 23 by the judge-rapporteur  Abel Zamorano is “inappropriate” and that it is not the competence of the Third Chamber.

Waked alleges that he was pressured by the government and the BNP, an entity that acted as trustee of the trust that Soho Mall transferred in July 2016, after being included in the US list.

The appeal was filed on October 18, and asked the president of the Third Chamber, Abel Zamorano, to revoke the decision of August 23,  that he himself adopted, as the rapporteur, to admit Waked’s claim.

The prosecutor indicates that the plaintiff “does not sustain in a reasoned and sufficient manner” the concepts of the legal provisions that he considers were violated.

In his lawsuit filed on May 23, Waked alleges the alleged violation of at least a dozen articles of various laws and codes, following the signing of a trust to which he transferred the  Soho Mall, in July 2016. In the transaction, the BNP acted as trustee.

“The legal representative of the plaintiff [the ex-judge Arturo Hoyos], beyond carrying out a legal analysis in relation to the actions of the BNP that caused him alleged damages, is limited to formulating subjective assessments based on media accounts and alleged behaviors of undue pressure on the person represented at the time of the conclusion of the trust,“ González said in the appeal

More than two years after signing the trust, Waked alleged that he did so because of “pressure” from the government and the BNP.

The creation of the trust was the alternative proposed by the creditors of Soho Mall, after the shopping center and Waked himself were included in the Clinton List of activities related to money laundering and drug trafficking, prepared by the Office of Control of Assets Abroad (OFAC) of the US Department of the Treasury.

The United States prohibits its citizens and companies from maintaining commercial and financial relationships with listed entities.

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

Gonzalez also alleges that the claim has already expired, since the Civil Code, states that the civil action to claim compensation expires within one year, “counted from the moment the aggrieved person knew it”.

The Cabinet resolution that designated the ministerial commission to adopt decisions related to the individuals and companies included in the Clinton List was signed on June 3, 2016. On July 1 of that year, the trust contract was signed with Soho, and on June 5, 2017, the assets were sold to a Mexican investment group.