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US slaps sanctions on Gaddafi regime

The US slapped sanctions against a number of Libyan entities, including a Karachi-based company which is jointly owned by the Governments of Libya and Pakistan.



Washington: As part of efforts to tighten
the noose against the regime of Libyan strongman Muammar
Gaddafi, the US today slapped sanctions against a number of
Libyan entities, including a Karachi-based company which is
jointly owned by the Governments of Libya and Pakistan.

Pak-Libya Holding Company is a Pakistan-based entity
that is 50 per cent owned by Libyan Arab Foreign Investment
Company (LAFICO), a subsidiary of the Libyan Investment
Authority (LIA).

The Government of Pakistan owns the remaining 50 per cent
of the company`s shares, the US Department of Treasury said in
a statement, declaring sanctions against nine companies.

"The Treasury Department is carefully monitoring Libyan-
associated entities worldwide to ensure that they are not
attempting to evade sanctions and assist the Gaddafi regime,"
said US Department of the Treasury`s Office of Foreign Assets
Control Director Adam Szubin.

"We will remain vigilant in our efforts to isolate the
Gaddafi regime from the international financial system," he
said.

The Treasury also removed sanctions against Libya`s
former Oil Minister and former Chairman of the National Oil
Corporation of Libya, Shukri Mohammed Ghanem, who had defected
from the Gaddafi regime in May 2011.

"Our sanctions are intended to prevent harm and change
behaviour... To the extent that sanctioned individuals
distance themselves from the Gaddafi regime, these measures
can be lifted," the official added.

As a result of today`s sanctions, the Treasury also
issued a license to specifically exclude three banks Arab
Turkish Bank, North Africa International Bank, and North
Africa Commercial Bank from certain authorisations.

With the exception of the three banks, General
License No 1B continues to authorise transactions involving
banks that are owned or controlled by the Government of Libya
and organised under the laws of a country other than Libya
provided that the transactions do not otherwise benefit the
Gaddafi regime or any other person whose property and
interests in property are blocked.

Libyan Arab Foreign Bank subsidiaries Arab Turkish
Bank, North Africa International Bank, and North Africa
Commercial Bank have processed commercial transactions on
behalf of or for the benefit of Libyan Arab Foreign Bank since
US President Barack Obama issued his executive order with
regard to sanctions on Libya.

In all, it slapped sanctions on nine companies
including Arab Turkish Bank, North Africa International Bank
and North Africa Commercial Bank.

The others are Arab Turkish Bank; North Africa
International Bank: North Africa Commercial Bank; General
Company for Chemical Industries: General National Maritime
Transport Company: Ghana Libya Arab Holding Company; Glahco
Hotels And Tourism Development Company Limited (Golden Tulip
Accra): and Libyan Norwegian Fertiliser Company.

PTI

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