KARACHI, Aug 15: The office of the Foreign Assets Control (OFAC) of US Department of Treasury has lifted the blockade of the financial assets of Platinum Commercial Bank, the chief spokesman of the State Bank said on Thursday.

According to the spokesman, the OFAC in a communication said that the Platinum Commercial Bank and Pakistani authorities had now provided sufficient information to have the name of Platinum Commercial Bank removed from the office of the Foreign Assets Control Special Designated Nation (SDN) List. The financial assets of Platinum Commercial Bank with banks in the US are no longer blocked, the communication added.

The OFAC of US Department of Treasury had earlier frozen the US$ Nostro account/funds on the basis of the reported sale of shares of Platinum Commercial Bank Ltd to Pak Libya Holding Company. Both the parties have separately confirmed to the State Bank that this transaction will no longer be pursued amongst the two institutions on the basis of which the SBP has also confirmed to the OFAC that the deal has been cancelled and will no longer be pursued.

The SBP has stated that the sanction imposed by the OFAC is in respect of funds routed through the US only and the Platinum Commercial Bank can still undertake local as well as foreign currency transactions other than the US dollar.

The SBP was actively pursuing with the OFAC to resolve the matter concerning the frozen account of Platinum Commercial Bank and consequently got the blockade lifted.—APP