Libya Asset Freeze Update: Firms Must Obtain HM Treasury Permission to Transact with Newly Prohibited Entities

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.

  1. AL-INMA HOLDING CO. FOR CONSTRUCTION AND REAL ESTATE DEVELOPMENTS
  2. AL-INMA HOLDING CO. FOR INDUSTRIAL INVESTMENTS
  3. AL-INMA HOLDING CO. FOR SERVICES INVESTMENTS
  4. AL-INMA HOLDING COMPANY FOR TOURISM INVESTMENT
  5. ASHTON GLOBAL INVESTMENTS LIMITED
  6. AZZAWIA REFINING (a.k.a Azawiya Refining)
  7. BAROQUE INVESTMENTS LIMITED
  8. BREGA
  9. CAPITANA SEAS LIMITED (c/o Trident Trust Company (BVI)
  10. CENTRAL BANK OF LIBYA (CBL)
  11. DALIA ADVISORY LIMITED
  12. ECONOMIC AND SOCIAL DEVELOPMENT FUND (ESDF)
  13. FIRST GULF LIBYAN BANK
  14. GADDAFI INTERNATIONAL CHARITY AND DEVELOPMENT FOUNDATION
  15. GUMHOURIA BANK
  16. HAROUGE OIL OPERATIONS (a.k.a (1) Harough, (2) Veba Oil Libya GMBH)
  17. JAWABY PROPERTY INVESTMENT LIMITED
  18. KINLOSS PROPERTY LIMITED
  19. LAP GREEN NETWORKS(a.k.a. LAP Green Holding Company)
  20. LIBYA AFRICA INVESTMENT PORTFOLIO
  21. LIBYAN AGRICULTURAL BANK (a.k.a (1) Agricultural Bank (2) Al Masraf Al Zirae (3) Al Masraf Al Zirae Agricultural Bank)
  22. LIBYAN ARAB AFRICAN INVESTMENT COMPANY (LAAICO)
  23. LIBYAN ARAB AIRLINES
  24. LIBYAN FOREIGN BANK
  25. LIBYAN HOLDING COMPANY FOR DEVELOPMENT AND INVESTMENT
  26. LIBYAN HOUSING AND INFRASTRUCTURE BOARD (HIB)
  27. LIBYAN INVESTMENT AUTHORITY (a.k.a Libyan Arab Foreign Investment Company (LAFICO))
  28. LIBYAN JAMAHIRYA BROADCASTING CORPORATION
  29. LIBYAN NATIONAL OIL CORPORATION
  30. MABRUK OIL OPERATIONS
  31. MEDITERRANEAN OIL SERVICES COMPANY (a.k.a Mediterranean Sea Oil Services Company)
  32. MEDITERRANEAN OIL SERVICES GMBH (a.k.a (1) MED OIL Office Duesseldorf (2) MEDOIL)
  33. NATIONAL COMMERCIAL BANK
  34. NATIONAL OIL FIELDS AND TERMINALS CATERING COMPANY
  35. 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.)
  36. NORTH AFRICAN GEOPHYSICAL EXPLORATION COMPANY (NAGECO)
  37. RAS LANUF OIL AND GAS PROCESSING COMPANY (RASCO)
  38. SABTINA LTD
  39. SAHARA BANK
  40. SIRTE OIL COMPANY
  41. TAMOIL AFRICA HOLDINGS LIMITEDa.k.a Oil Libya Holding Company
  42. TEKXEL LIMITED
  43. WAATASSIMOU FOUNDATION
  44. WAHA OIL COMPANY
  45. ZUIETINA OIL COMPANY (ZOC)