The Legal Counselor - May 31, 2011

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").

Please see full publication below for more information.

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Published In: Electronic Discovery Updates, Finance & Banking Updates, International Trade Updates, Mergers & Acquisitions Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Michael Diaz Jr. - Diaz Reus International Law Firm | Attorney Advertising

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