Licenses Issued for Settlement of Kuwaiti Bank Obligations

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Friday, March 1, 1991
Author: 
Morgan, Lewis & Bockius
Volume: 
7
Issue: 
3
Abstract: 
The Office of Foreign Assets Control of the Department of the Treasury ("OFAC") has licensed seven blocked Kuwaiti banks to settle directly most types of obligations arising prior to the August 1, 1990 Iraqi invasion of Kuwait. The licenses were issue dto Al Ahli Bank of Kuwait, The Bank of Kuwait & The Middle East, Burgan Bank, Commerical Bank of Kuwait, The Gulf Bank, The Industrial Bank of Kuwait, and Kuwait Real Estate Bank.