Abdul Waked, founder of former leading travel retail company Grupo Wisa, has filed a multi-million-dollar lawsuit against the National Bank of Panama (BNP), claiming damages, loss and loss-of- profit stemming from actions taken after Waked and his businesses were included by the U.S. Treasury Department on the “Clinton List” for activities linked to money laundering and drug trafficking in May of 2016, reports local press in Panama.
According to La Prensa, the BNP acted as a trustee in two trusts to which Waked voluntarily transferred two of his businesses: Felix B. Maduro department stores and Soho Mall. Waked signed the trust to save companies and jobs on the recommendation of the creditor banks.
Newsroom Panama reports that Waked wants the BNP to pay him $1.269 billion in damages stemming from “undue” pressure from the Government and the BNP.
If the lawsuit is allowed to go forward, the BNP warned that it could enter into “technical bankruptcy.”
To date, US courts have rejected petitions filed by Waked to be removed from the list.
