Regarding a ten-year investigation
May 10, 2016: In light of the announcement made by the United States Department of Justice and the United States Department of the Treasury’s Office of Foreign Assets Control regarding a ten-year investigation of the waked organisations, Panama’s Attorney General, Banking Superintendent, and Securities Market Superintendent have issued the following statements regarding immediate actions taken in Panama:
- From Kenia Porcell Diaz, Attorney General of Panama: My office has launched an immediate investigation into the specific individuals and organizations named in the US action. We are cooperating fully with U.S authorities in this matter, and we will ensure justice is served by the people of Panama. This investigation further strengthens our efforts and resolve to vigorously attack criminal activity in Panama so that the rule of law prevails.
- From Gustavo Villa, Secretary General, Banking Superintendency of Panama: As a result of the US actions against the Waked Economic Group and in our overriding interest in protecting the best interest of depositors of Balboa Bank & Trust and its subsidiaries, the Superintendency of Banks of Panama (SBP) is seizing the administrative and operating control of the banking group. The SBP reiterates the stability and soundness of the Panamanian banking system.
- From Marelissa Quintero de Stanziola, Securities Markets Superintendent of Panama: In the interests of protecting the financial assets of investors in Panama’s securities market, we have assumed control of the brokerage house Balboa Securities Corp. This action, which is effective today, will allow brokerage activities to continue but under the oversight and secure control of the Superintendency.