Waked newspapers avoid US sanctions

PANAMA’S oldest newspaper La Estrella de Panama and its stablemate El Siglo, whose majority shareholder is businessman Abdul Waked, are exempted from the  US trade ban imposed on the rest of the Waked business empire.

The news comes from the publishing group’s president Eduardo Quiros. ‘The Grupo Editorial El Siglo-La Estrella (GESE) has no limitation on  operating  at 100%, “said Quiros, after reviewing with  the company lawyers, implications of the sanctions of  the US  Treasury Department against Grupo Wisa, controlled by the Waked family.

“’It is clear that is not the interest of the US government to violate free expression and press freedom “said Quiros.

The exception to the sanctions that benefits the newspapers “is a clear message that there is no intention to harm the papers and to ensure the right of freedom of speech and the  press’ he said.

The express reservation about the newspapers allows citizens and businesses to continue to maintain trade links added the president of the publishing group.

‘It has become clear that it is not in the interest of the US government to violate free expression and press freedom ” added  Quirós, who highlighted the important work of the independent press in times of change such as those  facing the country.

According to the USA Treasury, 68 Wisa Group companies and up to nine of its executives are linked to money laundering and drug trafficking activities. There is a prohibition of any commercial relationship for US companies with any of the companies or any other company in which those involved have more than 50% interest.

The exception applied to the newspapers authorizes US nationals to provide professional services, paper, ink and other supplies, distribute information and provide computer services, among other activities..