Felix Maduro staff face brighter future

THE JOB FUTURE of 1,200 workers in Panama’s most iconic department store chain, Felix B. Maduro,  is looking brighter.

Twelve days after Abdul Waked, owner of the chain  authorized the transfer of all the store’s assets to a trust, the Office of Foreign Assets Control of the U.S. Treasury Department approved an extended license for the stores so that they have access to the US financial system.

The license is valid until Dec. 14, 2016 and will allow it to process credit card transactions and engage in business with U.S. suppliers, among other provisions.

On Tuesday, President Juan Carlos Varela visited the Felix B. Maduro store on Vía España to deliver the new news to employees

“I want to share with you the joy that I have that we have saved Felix B. Maduro,” he said.

Varela first made the announcement during a tour of the Amador Convention Center site. He cited the hard work of Economy Minister Dulcidio De La Guardia, Labor Minister Luis Ernesto Carles and Trade Minister Augusto Arosemena.

“They have worked 30 days on this topic, and have saved the jobs of 1,200 Panamanians,” said the president.

The license allows the stores to be sold before December, though if the transaction involves U.S. citizens or companies, it must be authorized by the OFAC.

On May 5, the US Treasury Department included Abdul Waked, his nephew Nidal Waked, seven members of that family, and 68 companies, which included Felix B. Maduro, on the Clinton List of  entities said to be  engaged in money laundering.

Emplpyees in other sectors of the Waked empire have not fared so well. There have been large scale layoffs of staff in the La Riviera stores in Panama, particularly those working in duty free outlets in Tocumen International airport.