FSA to start procedure to dissolve offshore company touched by US sanctions |13 January 2020

Dr Fanny

Sanctions that the United States have imposed on Pam Chel Trading, a company which conducts metal transactions with Iran, can have certain repercussions on a Chinese offshore company Power Anchor Ltd operating in Seychelles.

The chief executive of the Financial Services Agency (FSA), Dr Steve Fanny, has stated that the two companies are directly linked and therefore the FSA will this week start an investigation to establish and get all the facts together before starting a Court procedure to dissolve the Power Anchor company.

He stressed that the process will not affect Seychelles’ reputation in any way.

Dr Fanny said information FSA has is that the two companies are closely linked through the metal transactions and it is Power Anchor which receives payment on behalf of Pam Chel Trading. He noted that there are provisions under the law that provides for Court procedures to dissolve such companies to prevent any reputational risks to Seychelles.

“As from today, Monday, the FSA will be advising all its corporate service providers to go through their list to ensure there are no other companies with possible link to the steel, iron and other metal transaction activities with Iran and to take necessary measures to remove them from their list,” Dr Fanny pointed out.

Marie-Anne Lepathy