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Federal R eserve Bank
OF DALLAS
ROBERT
and
D. M c T E E R , J R .
c h ie f ^ e x e c u t'iv e
o ffic e r
March 25, 1991
DALLAS, TEXAS 75222
Notice 91-29
TO:
The Chief Executive Officer of each
member bank and others concerned in
the Eleventh Federal Reserve District
SUBJECT
Iraqi Sanctions
(Special Blocking Memorandum)
DETAILS
The Office of Foreign Assets Control finds that there is reasonable
cause to believe that on or since the effective date of Executive Orders No.
12722 of August 2, 1990, and No. 12724 of August 9, 1990, the below-listed
company and persons have in their possession property and financial assets in
which the Government of Iraq or the authorities thereof have had an interest.
Bay Industries, Inc.
Anees Mansoor Wadi ("Wadi")
Shamsaban Al-Hayderi ("Al-Hayderi") (wife of Wadi)
Consequently, pursuant to section 575.201 of the Iraqi Sanctions
Regulations (the "Regulations"), all real and personal property and financial
assets of Bay Industries, Inc., and all real property and financial assets of
Wadi and Al-Hayderi are blocked. The blocked financial assets include,
without limitation, all bank, loan, charge, and investment accounts and
securities in which Bay Industries, Inc., Wadi and/or Al-Hayderi have an
interest. Neither the company or persons listed herein nor their representa
tives shall be permitted access to property within a bank’s custody, specifi
cally including safe deposit boxes, except as authorized by the
Office of
Foreign Assets Control.
All depository institutions including foreign agencies ("institu
tions") in the Eleventh Federal Reserve District are advised that all such
accounts are blocked and that no transactions concerning such accounts or Bay
Industries, Inc., Wadi or Al-Hayderi are permitted except as specifically
authorized by the Director, Office of Foreign Assets Control.
Furthermore, in
accordance with section 575.602 of the Regulations and section 203(a)(2) of
the International Emergency Economic Powers Act, 50 U.S.C. 1701-1706, all
institutions are instructed by the Office of Foreign Assets Control to report,
under oath, any blocked property within their possession of Bay
Industries,
Inc., Wadi, or Al-Hayderi, and all transactions therein, on or
For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas:
Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162,
Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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after August 2, 1990, including prohibited transactions that are or were
blocked by the banks or transactions that are or were attempted but not
consummated, within 10 days of receipt of this notice or, in the case of
attempted transactions, within 10 days of the occurrence. The reports should
include all information detailing the blocked property (including accounts) as
of August 2, 1990, specifically identifying where such property is now held,
and separately accounting for any transfers of property since August 2, 1990.
In the case of accounts of any nature, institutions should provide the account
number, the amount on deposit, available credit or balance outstanding, and
the name and address of the institution or agency holding the account.
Evidence confirming that the account is being maintained in a blocked status
should also be provided.
In the case of attempted transactions involving Bay Industries,
Inc., Wadi and Al-Hayderi or relating to their accounts, institutions should
provide the names, addresses, account numbers and any other available informa
tion identifying the parties or intended parties, including all financial
institutions, involved with the attempted transaction.
MORE INFORMATION
For more information, please contact R. Richard Newcomb, Director,
Office of Foreign Assets Control at (202) 535-9445 or J. Robert McBrien at
(202) 566-5021. For additional copies of this notice, please contact the
Public Affairs Department at (214) 651-6289.
Sincerely yours,
@FedFRASER