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| This is an update to our notice dated 4 July 2008 regarding the sanctions affecting Melli Bank plc ("Melli Bank").
Payments due from Melli Bank
HM Treasury has now granted Melli Bank a licence to make certain payments, subject to various restrictions and controls imposed by HM Treasury. Melli Bank is now permitted to make payments to its depositors, staff and suppliers subject to these limitations. HM Treasury has issued a notice regarding this licence ("HM Treasury Supplement Notice 2") which can be found on their website at:
http://www.hm-treasury.gov.uk./media/2/6/fin_sanc_supplement2_240608notice.pdf
Individual and corporate depositors can apply to withdraw monies from their accounts. The application form which is provided in the Annex to HM Treasury Supplement Notice 2 can also be be downloaded by clicking Withdrawal of deposits with Melli Bank plc - Licence Application Form. Depositors should complete the application form and send it to Melli Bank as instructed in the Notice. | Payments due to Melli Bank
We remind customers that the European Union sanctions include a provision which allows any person to make payments due to Melli Bank under any contract, agreement or obligation that was concluded or arose prior to 24 June 2008 provided that any sums are paid into a frozen account held by a relevant EEA institution. This includes payment to Melli Bank direct. These payments will include, for example, payments under loan agreements, participations, guarantees, letters of credit and any other instrument which gives rise to a contractual payment obligation to Melli Bank.
Melli Bank is therefore entitled and expects to receive payment of loans and other contractual payment obligations in the usual way.
Persons or entities subject to the EU sanctions should be aware that making a payment into an account with Melli Bank (that is not due to Melli Bank under a prior contract) is a breach of the EU Regulation and a criminal offence in the UK. The EU sanctions apply to:
- any person within the territory of the EU;
- any person inside or outside the EU who is a national of a member state;
- any company or other entity which is incorporated or constituted under the law of a member state; and
- any company or other entity in respect of any business done in whole or in part within the EU.
Please contact Mr James McCall, Compliance Officer, on 020 7397 1659, or the person at Melli Bank with whom you usually deal for further information.
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