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Berkshire Hathaway to pay $4.1 million to settle alleged Iran sanctions violations
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Berkshire Hathaway to pay $4.14 million to settle Iran sanctions violations claims
Warren Buffett's Berkshire Hathaway Inc agreed to pay $4.14 million to settle civil allegations that a Turkish subsidiary committed 'egregious' violations of U.S. sanctions against Iran, the U.S. Treasury Department said on Tuesday. The department's Office of Foreign Assets Control said Iscar Turkey sold 144 shipments of cutting tools and related inserts worth $383,443 to two Turkish distributors from December 2012 to January 2016, knowing they would be shipped to a distributor in Iran for resale, including to Iran's government. OFAC said the sales occurred under the direction of some senior managers, after Iscar Turkey's general manager concluded it was 'inevitable' that U.S. and European Union sanctions against Iran would be lifted and sought to be 'well positioned' to capitalize.
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Berkshire Hathaway to pay $4.1 million to settle alleged Iran sanctions violations
Warren Buffett's Berkshire Hathaway Inc agreed to pay $4.14 million to settle allegations that a Turkish subsidiary may have violated U.S. sanctions against Iran, the U.S. Treasury Department said on Tuesday. The Treasury said Iscar Kesici Takim Ticareti ve Imalati Limited Sirket, also known as Iscar Turkey, sold cutting tools and related inserts to two Turkish distributors, knowing they would be shipped to a distributor in Iran for resale, including to Iran's government. Iscar Turkey's sales violated Berkshire's compliance policies, and comprised 144 shipments between December 2012 and January 2016, the Treasury Department said.
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