Sanctions release but PacNet 'destroyed'
An Island businessman has been removed from a US Treasury blacklist after a year-long fight to clear his name.
Paul Davis saw his PacNet payment processing companies frozen overnight in September 2016, amid allegations the group was involved in a mail scam money laundering operation in America.
The United States Office of Foreign Asset Control (OFAC) designated PacNet a 'transnational criminal organisation' - a move Mr Davis could only defend after the listing.
Evidence presented by his lawyers over the past year has convinced US authorities the sanction was not justified - and Mr Davis, several associates and his firm Manx Rare Breeds Ltd have now been removed from the list.
PacNet companies are due to be deleted from the OFAC list in the coming weeks.
Mr Davis says he's relieved - but saddened at the irreversible damage the affair has caused: