Asset Freeze Lifted on ODAC

The European Union has lifted the financial sanctions placed on Libya's Organisation for Development of Administrative Centres (ODAC).

But asset freezes remain in place against Libyan companies and individuals, a list of which can be found here. Affected entities include the Libyan Agricultural Bank, the Libyan Arab African Investment Company and the Libyan Holding Company for Development and Investment.

ODAC had its assets frozen on 10 August 2011 for being an “entity acting on behalf of, or at the direction of, the Qaddafi Regime and a potential source of funding for the regime.”

Infrastructure law expert Rob Wilkins of Pinsent Masons said:

"The news sends an encouraging message to European businesses that are looking to take advantage of the many engineering and construction opportunities Libya has to offer, particularly for construction firms offering design, engineering, project management and consultancy services.

"Libya's geographical proximity to Europe makes it an exciting place to do business. This, coupled with the democratic progress that the country is making, makes contracting with the ODAC a highly attractive prospect."

(Sources: Libya Herald, Pincent Masons)

No comments yet.

Leave a Reply