Soho Mall, one of the companies of the Waked family empire in the financial heart of Panama.
Soho Mall, one of the companies of the Waked family empire in the financial heart of Panama.

The identification of Grupo Waked in a money laundering network could result in significant changes in the representations of brands marketed in the country.

An article on Prensa.com cites Jorge Garcia Icaza, president of the Chamber of Commerce, Industries and Agriculture of Panama, who emphasized that restraint should excerised when dealing with the case in order to minimize damage which it is estimated could be caused, especially in relation to jobs in the companies under question.

“… The Waked family is considered to be one of the most powerful economic groups in the Panamanian business world. In the province of Colón, specifically in the free zone they are almost ubiquitous. The purchase of the iconic chain Felix B. Maduro made them more visible in retail from 2015. And the recent construction of the Soho Mall placed them at the apex of the world of luxury brands. ”

Regarding the impact on the case on Panama’s business environment, Garcia Icaza said that “… Given the involvement of this group in many economic sectors, [you might think] there will be a reshuffle in the representation of brands and businesses in the country. ”

“… Surely we must find alternatives to continue providing the various services that this group of companies offer. ”

Visa International Service Association, operator of Visa cards, have now terminated its contracts with companies linked to Grupo Waked and those included in Clinton list, which include Felix B.Maduro and those belonging to Wisa Group, such as La Riviera. The same will occur with other issuers of debit and credit cards, such as Credomatic.

See full article on Prensa.com (In Spanish)


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