Berkshire to Pay $4.1 Million to Settle Allegations of Violating U.S. Sanctions on Iran
By Mengqi Sun
Berkshire Hathaway Inc. has agreed to pay roughly $4.1 million
to settle allegations that a Turkish subsidiary violated U.S.
sanctions on Iran.
The U.S. Treasury Department on Tuesday alleged that Berkshire's
indirect subsidiary -- Iscar Kesici Takim Ticareti ve Imalati
Limited Sirket -- sold cutting tools and related inserts to two
third-party Turkish distributors between 2012 and 2016, knowing
that the goods would be shipped to a distributor in Iran for resale
to end-users there.
Several of those recipients were identified later as Iranian
government entities, according to the civil settlement agreement
between Berkshire and the Treasury's Office of Foreign Assets
Control. U.S. regulations prohibit any U.S. companies and their
foreign subsidiaries from dealing with the government of Iran and
A spokesperson for Berkshire didn't immediately respond to a
request for comment.
Write to Mengqi Sun at email@example.com
(END) Dow Jones Newswires
October 20, 2020 13:57 ET (17:57 GMT)
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