Ghida, After reviewing the letter, my analysis is: The assets were seized b/c the government believes they are owned/controlled by a "restricted" entity or being sold to a restricted entity.The government is not offering to give back the property - the property is considered detained/seized. The government is offering to: 1. Issue a license authorizing the owner to dispose of the property to a non-restircted party. The owner is required to post a bond in the amount of the fair market value. 2. Issue a license releasing the vehicle to the owner but not permitting the owner to dispose of the property absent a license form the OFAC. In short, the government thinks the property was going to an entity not entitled under U.S. law to receive them. The penalties of dealing in such manner may include civil/criminal or a combination. I imagine the owner can pursue administrative and/or judicial remedies. It will probably cost money to get the property back and the burden will be on the owner to prove the property was not destined for a restricted entity. I expect that the owners will receive notices of criminal or administrative actions soon. If the owners want the cars, they can post a bond or we can seek an OFAC license to release but if we do that, they cannot be shipped or disposed of. Haytham Faraj Sent from my iPhone
|