Based on multiple communications and assurances from parties involved in the issue concerning the Office of Foreign Assets Control (OFAC) and GESE newspapers that they are working toward a permanent solution, which would render any license unnecessary and ensure the continued operation of La Estrella de Panama and El Siglo, OFAC issued today a modified general license valid until July 13.
This modified license permits U.S. companies to continue conducting commercial with GESE newspapers until July 13. For example, U.S. companies may continue to host GESE websites and supply paper and ink to GESE, with the intent to wind-down these commercial relationships by July 13, should no satisfactory final resolution structure be agreed upon.
This additional six months allows GESE ownership to achieve such a permanent solution. We remain hopeful that parties will indeed succeed in guaranteeing the continued operation of La Estrella and El Siglo newspapers without the need for any license.