Gaddafi controlled companies still operating in UK despite sanctionsApril 17th, 2011 - 5:36 pm ICT by ANI
London, Apr 17 (ANI): Libyan companies controlled by Colonel Muammar Gaddafi are reportedly still trading in Britain despite being under official sanctions.
The Telegraph quoted the Treasury as saying that it is handing out special licences to ensure that these companies could carry out their businesses in Britain.
The revelation might embarrass the Government of Prime Minister David Cameron, which is already being criticised for being soft in dealing with former Libyan foreign minister Moussa Koussa, who took refuge in London leaving the Gaddafi regime behind.
“I am not quite sure what these sanctions achieve. It sends out the right message but not much more. The Libyan government is not short of money; they have substantial reserves which will keep them going for a long time,” Lord Trefgarne, chairman of the Libyan British Business Council, said.
The firms under sanction are listed on a HM Treasury document issued last week, and their assets are officially frozen under both European Union and United Nations rulings.
The organisations under sanction include Dalia Advisory Limited, the UK-based subsidiary of the Libyan Investment Authority (LIA), the sovereign wealth fund with 80 billion pounds to invest and which is said to be controlled by Gaddafi’s family.
Meanwhile, Eamon Nally, who runs his business Intax Libya Chartered Accountants from the farmhouse where Jawaby is registered, said that being in the list does not mean that trading should be halted.
“I won’t comment on whether JPIL are still trading but being on this list doesn’t mean you can’t trade. It means your assets are frozen and can’t be dispersed in any way,” he said.
“The business itself doesn’t have a specific trading location in the UK. The sanctions themselves don’t necessarily impact the trading of the company. It just means that any transactions have to be approved by HM Treasury,” Nally added. (ANI)
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