Libya Asset Freeze and Sanctions Update (September 2011)

Following the National Transitional Council's installation as the de facto governing force in Libya, HM Treasury has amended its asset freezing provisions.

The move is good news for the Libiyan people and British business too. Restrictions on payments, debt/asset recovery and trade can now be lifted.

33 Chancery Lane have been directly instructed by UK businesses to advise on recovery solutions and sanctions.

Although the list has been relaxed in parts, it is still very important to seek advice when dealing with any transaction, individual or person subject to the restrictions. Breaching the provisions may result in a custodial sentence and high value confiscation proceedings.

Contact Martin Adams for further information.

Deletions from the Consolidated Prohibition List as of 02 September 2011.

  1. AL-SHARARA OIL SERVICES COMPANY a.k.a: (1) Al Sharara, (2) Al-shahara oil services company, (3) Al-Sharara al-Dhahabiya Oil Services Company, (4) Sharara, (5) Sharara Oil Services Company. Address: Al-Saqa District, Beside al-Saqa Mosque, Tripoli, Libya.
  2. AZZAWIA REFINING a.k.a: Azawiya Refining. Address: PO Box 6451, Tripoli, Libya
  3. BREG. Address: Head Office, Azzawia coast road, PO Box Azzawia 16649
  4. ECONOMIC AND SOCIAL DEVELOPMENT FUND (ESDF).  Address: Qaser Bin Ghasher Road, Salaheddine Cross, BP 93599, Tripoli, Libya
  5. FIRST GULF LIBYAN BANK. Address: The 7th of November Street, PO Box 81200, Tripoli, Libya
  6. GUMHOURI BANK. Address: Gumhouria Bank Building, Omar Al Mukhtar Avenue, Giaddal Omer Al Moukhtar, PO Box 685, Tarabulus, Tripoli, Libya.
  7. HAROUGE OIL OPERATIONS a.k.a: (1) Harouge, (2) Veba Oil Libya GMBH. Address: Al Magharba Street, PO Box 690, Tripoli, Libya
  8. JAWABY PROPERTY INVESTMENT LIMITED. Address: Cutlers Farmhouse, Marlow Road, Lane End, High Wycombe, Buckinghamshire,  United Kingdom
  9. LIBYAN ARAB AIRLINES. Address: PO Box 2555, Haiti Street, Tripoli, Libya
  10. MABRUK OIL OPERATIONS. Address: Dat El-Emad 2, Ground Floor, PO Box 91171, Tripoli, Libya
  11. MEDITERRANEAN OIL SERVICES COMPANY a.k.a: Mediterranean Sea Oil Services Company. Address: Bashir El Saadawy Street, PO Box 2655, Tripoli, Libya
  12. MEDITERRANEAN OIL SERVICES GMBH a.k.a: (1) MED OIL Office Duesseldorf, (2) MEDOIL. Address: Werdener strasse 8, Duesseldorf, Nordhein - Westfalen, Germany, 40227.
  13. NATIONAL COMMERCIAL BANK. Address: Orouba Street, AlBayda, Libya.
  14. NATIONAL OIL FIELDS AND TERMINALS CATERING COMPANY. Address: Airport Road Km 3, Tripoli, Libya
  15. 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. Address: National Oil Wells Drilling and Workover Company Building, Omar Al Mokhtar Street, PO Box 1106, Tarabulus, Tripoli, Libya.
  16. NORTH AFRICAN GEOPHYSICAL EXPLORATION COMPANY (NAGECO) a.k.a: North African Geophysical Exploration. Address: Airport Road, Ben Ghasir 6.7 KM, Tripoli, Libya.
  17. PORT AUTHORITY OF AL KHOMS
  18. PORT AUTHORITY OF BREGA
  19. PORT AUTHORITY OF RAS LANUF
  20. PORT AUTHORITY OF TRIPOLI
  21. PORT AUTHORITY OF ZAWIA
  22. PORT AUTHORITY OF ZUWARA
  23. RAS LANUF OIL AND GAS PROCESSING COMPANY (RASCO). Address: Ras Lanuf Oil and Gas Processing Company Building, Ras Lanuf City, PO Box 2323, Libya.
  24. SAHARA BANK. Address: Sahara Bank Building, First of September Street, PO Box 270, Tarabulus, Tripoli, Libya.
  25. SIRTE OIL COMPANY. Address: Sirte Oil Company Building, Marsa Al Brega Area, PO Box 385, Tarabulus, Tripoli,  Libya.
  26. TAMOIL AFRICA HOLDINGS LIMITED a.k.a: Oil Libya Holding Company.
  27. TEKXEL LIMITED. Address: One Wood Street, London, United Kingdom.
  28. WAHA OIL COMPANY. Address: (1) Office location - Off Airport Road, Tarabulus, Tripoli, Libya. (2) Postal address - PO Box 395, Tripoli, Libya

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)