HM Treasury has substantially added to its list of Libyan Asset Freeze Targets (click here for the explanatory post).
A number of UK and international companies involved in perfectly lawful trade with Libya (mainly in the hydrocarbon sector) have now found that they are unable to obtain payment for their goods and services.
Before carrying on with trade or engaging any debt recovery strategy, it is vital that any supplier, firm, fund, deposit taking institution or body with a financial relationship checks that they are not dealing with one of the prohibited entities listed below. Breaching the terms of the asset freezing provisions is a criminal offence which carries a prison sentence.
The Treasury operates a license regime which permits innocent companies to conduct business with these listed entities on a basis agreed by the HMT Asset Freezing Unit.
Contact Chambers for advice and assistance on how to apply for a license and how to seek commercial recovery; firms cannot conduct business or settle outstanding obligations without the correct authorisation. It is vital that companies do not receive funds which are restrained by the UK State as per its commitment to the United Nations Security Council.
The full list contains all the prohibited individuals and entities; the names listed below are just a selection.
- AL-INMA HOLDING CO. FOR CONSTRUCTION AND REAL ESTATE DEVELOPMENTS
- AL-INMA HOLDING CO. FOR INDUSTRIAL INVESTMENTS
- AL-INMA HOLDING CO. FOR SERVICES INVESTMENTS
- AL-INMA HOLDING COMPANY FOR TOURISM INVESTMENT
- ASHTON GLOBAL INVESTMENTS LIMITED
- AZZAWIA REFINING (a.k.a Azawiya Refining)
- BAROQUE INVESTMENTS LIMITED
- BREGA
- CAPITANA SEAS LIMITED (c/o Trident Trust Company (BVI)
- CENTRAL BANK OF LIBYA (CBL)
- DALIA ADVISORY LIMITED
- ECONOMIC AND SOCIAL DEVELOPMENT FUND (ESDF)
- FIRST GULF LIBYAN BANK
- GADDAFI INTERNATIONAL CHARITY AND DEVELOPMENT FOUNDATION
- GUMHOURIA BANK
- HAROUGE OIL OPERATIONS (a.k.a (1) Harough, (2) Veba Oil Libya GMBH)
- JAWABY PROPERTY INVESTMENT LIMITED
- KINLOSS PROPERTY LIMITED
- LAP GREEN NETWORKS(a.k.a. LAP Green Holding Company)
- LIBYA AFRICA INVESTMENT PORTFOLIO
- LIBYAN AGRICULTURAL BANK (a.k.a (1) Agricultural Bank (2) Al Masraf Al Zirae (3) Al Masraf Al Zirae Agricultural Bank)
- LIBYAN ARAB AFRICAN INVESTMENT COMPANY (LAAICO)
- LIBYAN ARAB AIRLINES
- LIBYAN FOREIGN BANK
- LIBYAN HOLDING COMPANY FOR DEVELOPMENT AND INVESTMENT
- LIBYAN HOUSING AND INFRASTRUCTURE BOARD (HIB)
- LIBYAN INVESTMENT AUTHORITY (a.k.a Libyan Arab Foreign Investment Company (LAFICO))
- LIBYAN JAMAHIRYA BROADCASTING CORPORATION
- LIBYAN NATIONAL OIL CORPORATION
- MABRUK OIL OPERATIONS
- MEDITERRANEAN OIL SERVICES COMPANY (a.k.a Mediterranean Sea Oil Services Company)
- MEDITERRANEAN OIL SERVICES GMBH (a.k.a (1) MED OIL Office Duesseldorf (2) MEDOIL)
- NATIONAL COMMERCIAL BANK
- NATIONAL OIL FIELDS AND TERMINALS CATERING COMPANY
- NATIONAL OIL WELLS AND DRILLING AND WORKOVER COMPANY(a.k.a (1) National Oil Wells Chemical and Drilling and Workover Equipment Co. (2) National Oil Wells Drilling and Workover Equipment Co.)
- NORTH AFRICAN GEOPHYSICAL EXPLORATION COMPANY (NAGECO)
- RAS LANUF OIL AND GAS PROCESSING COMPANY (RASCO)
- SABTINA LTD
- SAHARA BANK
- SIRTE OIL COMPANY
- TAMOIL AFRICA HOLDINGS LIMITEDa.k.a Oil Libya Holding Company
- TEKXEL LIMITED
- WAATASSIMOU FOUNDATION
- WAHA OIL COMPANY
- ZUIETINA OIL COMPANY (ZOC)