In this issue: Bloodshed in Libya Prompts U.S. Sanctions; Chinese Based Reverse Mergers Attract Scrutiny; New Developments in Electronic Discovery; Qatar: Safe Haven for Investors During Mideast Turmoil; Understanding Creditor's Rights in Mexico; and ABC's of Lithium.
Excerpt from 'Bloodshed in Libya...':In the wake of civil unrest in Libya, the U.S. President has frozen $30 billion worth of Libyan assets – the largest asset freeze under any U.S.-based sanctions regime. The United Nations has also restricted financial transactions with Libyan government entities and personnel. Given the breadth of these new restrictions on Libya, businesses and entrepreneurs operating in Libya must quickly identify whether their current or prospective business dealings fall under this new sanctions regime.
By freezing these assets, the President seeks to deprive Qaddafi and his government of the ability to siphon funds for personal gain, prevent further bloodshed in Libya, and secure state assets for the benefit of Libyans when a future government is implemented. The Executive Order further freezes all of the Qaddafi family’s property interests that are located in the United States, as well as those of senior Libyan government officials and other participants in the human rights abuses there. Qaddafi and members of his family have also been added to the Office of Foreign Assets Control’s ("OFAC") Specially Designated Nationals List ("SDN List").
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