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Al-Fakher Advanced Business Co. Ltd rejects US sanctions

Press release Wednesday, March 14, 2024

Al-Fakher Advanced Business Company Limited was registered in Sudan under (number 47713) in the year 2015 and the company is owned by two Sudanese Businessmen and neither of them has affiliation or political activity. Since its establishment, the company has worked in the field of general trade, services, mining, export and import of agricultural production inputs and petroleum materials. The company has not applied to any Sudanese or foreign bank or any of the financing houses at home or abroad to finance any of its commercial activities. In December of the year 2019, the company submitted an initiative to the Ministry of Finance aimed at linking the export of gold with the import of strategic goods (such as petroleum products, wheat, fertilizers, etc.), the initiative was aimed at supporting the price of the local currency against the US dollar and providing strategic goods, which the country was suffering from scarcity and was a serious initiative; the government accepted it to counter inflation and fight currency traders. After the government accepted Al-Fakher’s initiative and the success that was achieved at the beginning of its work, all companies working in the field of gold export trade were encouraged to participate (they were reluctant to export for several reasons, although the export of gold was open to everyone). This resulted in a significant increase in the export of gold by legal means, which led to the injection of huge amounts into the treasury of the central bank in foreign currencies. However, the enemies of success fell apart in fabricating a rumor about the Luxury initiative; they claimed that the company is owned by the Rapid Support forces and sometimes it is owned by a political party. And they got exclusively the export of gold,the import of petroleum products and wheat. The rumor spread through social media and some newspapers poured oil on the fire unprofessionally or truthfully until the transitional civilian government responded after investigating whether: (A) Al-Fakher company owned by the Rapid Support Forces or others (B) or it was given the exclusive right to export gold and import strategic goods. She completely refuted and denied the rumor. The company also held a press conference to which all newspapers, without exception, were invited, in which the whole truth was clarified and all newspapers handed over the documents supporting this. On January 31, 2024, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) imposed sanctions on Al-Fakher advanced Works Limited and other companies; this sanction was based on the above-mentioned rumor; that “Al-Fakher company was established by the high command of the Rapid Support forces to be a holding company to manage the gold export business of the Rapid Support forces” and that the company exported gold and provided the Rapid Support forces with money to purchase weapons. The truth, as we have mentioned, is that Al-Fakher is a private company that does not belong to any group in Sudan or anywhere else; it has not exceeded in all its dealings its commercial activity for which it was founded and has not exceeded commercial norms. The company’s management rejects these penalties altogether, which were based on incorrect information. These sanctions have caused serious material and moral damage to the company’s business and reputation in the local and regional markets. The company reserves its legal right to retaliate; take legal action in the United States against the Treasury Department.

Finally, Al Fakher advanced Co. Ltd. confirms that it operates according to ethical and economic standards and sincere national commitment in all its previous and future works. And God bless

Board of directors Al Fakher Advanced Business Co., Ltd

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