Waked-owned media face uncertain future

Newspapers La Estrella de Panamá and El Siglo were still in circulation yesterday. However, there are concerns about their future in the wake of the scandal that has hit Grupo Wisa. Both entities are owned by Abdul Waked, who this week was accused of money laundering activities by the U.S. Treasury Department.  Accordingly, the US authorities have ordered the immediate freeze of the bank accounts of 68 Waked owned companies. However, the Office for Foreign Asset Control also issued a General Licence 3, allowing for the continued operations and necessary activities at these media outlets. “This would give the newspapers breathing space, at least until July 6”, declared Eduardo Antonio Quiros, president of La Estrella. In an interview to radio Panama, Mr. Quiros went on to highlight “the unusual nature of these measures in the context of the current investigation”. “We are still trying to figure out what will happen to the newspapers after July 6”, he admitted. In the later a public statement, the group reiterated its commitment to its readers and stated that it seemed “unlikely that the U.S. government wanted to restrict freedom of expression and the free press”.  The two newspapers were acquired by Mr. Waked a decade ago. The U.S. government is investigating potential links between multiple companies owned by Mr. Abdul Waked and criminal organizations involved in money laundering and drug trafficking.