Breaking News: a London based English Metal Trading Company

Breaking News: a London based English Metal Trading Company “Wogen Resources” is involved in Trading with Sudan despite Sanctions

The EU and the UK currently have sanctions in place against numerous countries, or certain individuals and entities from or within those countries. Sudan is one of the list of those countries, However we see some British companies still doing business with Sudan undercover, we have come to realize that Wogen Resources a London Base Metal Trading Company in Westminster has been engaging in such trading activities, below is a skype conversation we have received from an identified source discussing their business in Sudan by one of their Directors Nick Cartwright and also confirming the personal involvement of their other directors Allan Kerr

[6/16/2014 1:27:30 PM] waelayyad123: but nick this is good news
[6/16/2014 1:27:36 PM] waelayyad123: they can do it through Sudan
[6/16/2014 1:27:39 PM] Nick Cartwright: hope there's still a margin with the iron ore price at 88
[6/16/2014 1:27:51 PM] waelayyad123: trust me there is
[6/16/2014 1:27:53 PM] Nick Cartwright: also need a good inspection company
[6/16/2014 1:28:14 PM] Nick Cartwright: we've had loads of problems with inspection companies in Sudan

[6/16/2014 1:28:29 PM] Nick Cartwright: chrome ore losing 20% of its chrome etc!
[6/16/2014 1:28:37 PM] waelayyad123: i know
[6/16/2014 1:28:46 PM] waelayyad123: but this can be handled differently
[6/16/2014 1:28:52 PM] waelayyad123: which inspection compnaies you use
[6/16/2014 1:29:10 PM] Nick Cartwright: BV, RC
[6/16/2014 1:29:36 PM] Nick Cartwright: the problem is the port authorities will only let them do stockpile and not on loading

[6/16/2014 1:29:46 PM] Nick Cartwright: has to be a local company on loading
[6/16/2014 1:29:54 PM] waelayyad123: whats the company name
[6/16/2014 1:30:41 PM] waelayyad123: we need to do ourt homework
[6/16/2014 1:30:46 PM] waelayyad123: beofreapraching the bank
[6/16/2014 1:30:55 PM] waelayyad123: the bank has allot of influece in Sudan
[6/16/2014 1:31:38 PM] waelayyad123: do you TrsutBorriss inspection
[6/16/2014 1:32:51 PM] Nick Cartwright: i would only trust companies that will fly in and do the insopection like RC

[6/16/2014 1:32:57 PM] Nick Cartwright: thats what we've had to do with boris
[6/16/2014 1:33:23 PM] waelayyad123: but he seems not very knoweldgable
[6/16/2014 1:33:48 PM] Nick Cartwright: he's more knowlegable than us in sudan though
[6/16/2014 1:33:54 PM] Nick Cartwright: he's been there long enough
[6/16/2014 1:34:11 PM] waelayyad123: but he seems not to be doing a good job
[6/16/2014 1:35:03 PM] waelayyad123: these guys would fiaqnce all our operation in Sudan
[6/16/2014 1:35:11 PM] waelayyad123: and they are very helpful
[6/16/2014 1:35:21 PM] waelayyad123: we might need to both see them in Sudan
[6/16/2014 1:35:30 PM] waelayyad123: are you having a trip or Allan there soon
[6/16/2014 1:36:20 PM] Nick Cartwright: allan's been there twice
[6/16/2014 1:36:27 PM] Nick Cartwright: and not sure he wants to go again!
[6/16/2014 1:36:42 PM] waelayyad123: i am sure he does not like it
[6/16/2014 1:36:44 PM] waelayyad123: who does
[6/16/2014 1:36:48 PM] Nick Cartwright: think i may have met arab bank last time i went there
[6/16/2014 1:37:15 PM] Nick Cartwright: boris was trying to get a bank account!
[6/16/2014 1:37:28 PM] waelayyad123: yes but we are taling to the owners

[6/16/2014 1:37:40 PM] waelayyad123: who own 25% of the bank maybe a bit less
[6/16/2014 1:37:52 PM] Nick Cartwright: pk
[6/16/2014 1:37:56 PM] Nick Cartwright: ok
[6/16/2014 1:38:18 PM] Nick Cartwright: for iron ore, i thought there was just the government tender
[6/16/2014 1:38:27 PM] waelayyad123: borris is too young and we need someone more representablle than Borris 

[6/16/2014 1:38:40 PM] Nick Cartwright: fair enough
[6/16/2014 1:39:55 PM] waelayyad123: what about you and me
[6/16/2014 1:40:47 PM] Nick Cartwright: im not spending time there
[6/16/2014 1:40:52 PM] waelayyad123: they could fund us initialy at 5million
[6/16/2014 1:40:53 PM] Nick Cartwright: happy to go out
[6/16/2014 1:41:11 PM] Nick Cartwright: what is the material?
[6/16/2014 1:41:14 PM] waelayyad123: Nick you know the marketo
[6/16/2014 1:41:22 PM] waelayyad123: you have done chrome ore from Sudan
[6/16/2014 1:41:28 PM] waelayyad123: you have the most knowledge
[6/16/2014 1:41:31 PM] Nick Cartwright: !!

Embargoes and Sanctions – What International Companies Need to Know?

The consequences of being found guilty of breaching sanctions are serious. A number of major financial institutions have been subject to multi-million dollar fines and settlements with US and UK regulators for sanctions breaches.

Insurers are also concerned about the impact of sanctions violations. Loyd's of London has reviewed the issue following suspicions that some members may have breached international sanctions through insurance and reinsurance contracts. In turn, increased pressure is being applied to exporters of products and services to ensure that they do not expose their lenders and insurers to sanctions risks.

Sanctions as a compliance issue came to the fore when a number of international companies were identified by the UN as breaching sanctions against Iraq under the Oil-for-Food Programme. Numerous oil and gas service, infrastructure and engineering companies were subsequently prosecuted and convicted for sanctions breaches.

What are embargoes and sanctions?

Embargoes and sanctions can take a number of forms, but the most relevant types of sanctions for businesses are financial sanctions and trade sanctions.

Financial sanctions generally involve asset-freeze measures affecting the provision of funds and economic resources to certain entities or individuals ('designated persons'). They may also include restrictions on the use of assets by designated persons, receipt and transfers of funds to particular types of persons - for example, Iranian nationals - and prohibitions on the provision of financing or financial assistance connected to designated persons and prohibited transactions.

Trade sanctions prohibit trade in certain goods from affected countries, usually arms and commodities such as oil, timber, gold and diamonds; and equipment for use in the nuclear, oil and gas or petrochemical sector. Activities related to such trade may be prohibited.

It is also broadly prohibited to engage in any activities the object or effect of which is to circumvent sanctions. As a consequence, companies should not structure transactions to avoid international sanctions. For example, an EU based oil and gas business which supplied equipment to a company in the UAE, knowing that in turn the UAE Company supplied that equipment to end users in Iran, may well have breached EU trade sanctions against Iran.

EU and UK regimes

The EU and the UK currently have sanctions in place against numerous countries, or certain individuals and entities from or within those countries. There are also measures in place in respect of terrorist organizations and associated individuals. EU and UK sanctions are particularly onerous in respect of Iran and Syria. Other countries affected include Afghanistan, Egypt, Iraq, North Korea, Sudan, and Libya.

Extra care is needed when doing business in these countries or with people from or connected to these countries.

The jurisdictional reach of EU sanctions is extremely wide as they apply.