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The general license, that permits companies to continue to trade with Nynas without breaching US sanctions, has been extended to allow time to finalise the process to lift the sanctions on Nynas.
The US Treasury Department´s Office of Foreign Assets Control (OFAC) has extended Nynas general license, now called GL13E, for 30 days. The extension should not be seen as wind down license, it was necessary to have time to finalise the changes in shareholder structure accepted by OFAC as a prerequisite to lift the sanctions on Nynas.
Nynas is because of its partial ownership by PDVSA to some extent affected by sanctions issued by the United States against Venezuela and PDVSA. Nynas shareholders have agreed on changes in the ownership structure which will result in significant changes in control of Nynas. OFAC has responded that the proposed changes are satisfactory and has also stated that when the proposal is executed, OFAC is ready to swiftly initiate a process for the removal of sanctions applicable to Nynas. As the review of these complex proposals is ongoing, OFAC is extending the expiration date of the related general license.
"I would like to give all customers and suppliers comfort with this update of where we are in the process with OFAC, but since certain details have taken longer than expected to process with OFAC due to the complexity, OFAC has offered to extend the general license", says Bo Askvik, Nynas President and CEO acting.
Today, the decision to adopt Nynas composition from 30 November 2020 became final in Södertörn District Court. This means that Nynas company reorganisation is formally completed and that Nynas creditors will be paid in accordance with the composition agreement.Read more about Nynas reorganisation completed
Nynas formally exits the reorganisationRead more about After decision in the Court of Appeal
The district court's decision of 30 November to confirm the composition in Nynas AB's corporate reorganisation has been appealed by the Swedish Tax Agency on 21 December. Extraordinary reasons have since been applied based on approval of the administrators as of 22 December 2020 and Nynas has today paid in full to the Swedish Tax Agency and thus the Swedish Tax Agency no longer has any claim.Read more about Nynas reorganisation formally expected to be completed in January 2021