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Sunday, January 24, 2021

Berkshire Hathaway to Pay $4.14 Million Settlement for Alleged Iran Sanctions Violations

Berkshire Hathaway agreed to pay $4.14 million as settlement for the 144 shipments of its foreign subsidiary that allegedly violated Iran sanctions, the United States Treasury Department said in a statement last October 20.

Berkshire Hathaway agreed to pay $4.14 million as settlement for the 144 shipments of its foreign subsidiary that allegedly violated Iran sanctions, the United States Treasury Department said in a statement last October 20.

According to the Office of Foreign Assets Control (OFAC) of the department, foreign subsidiary Iscar Turkey of Berkshire Hathaway exported 144 shipments of cutting tools and related inserts worth $383,443 to two third-party Turkish distributors from December 2012 to January 2016.

OFAC also said that Iscar Turkey knew that the goods would be shipped to an Iranian distributor for resale to Iranian users, including the Iranian government, potentially violating the U.S. sanctions on Iran and constituting an “egregious” case.

OFAC further said that the shipments were under the direction of several senior managers of the subsidiary and that its general manager “believed it was inevitable that U.S. and European Union sanctions against Iran would be lifted, and sought to be well-positioned to sell in the Iranian market.”

OFAC said that the general manager and his employees hid their dealings with Iran from Berkshire and the authorities by using private e-mail addresses, using false names in internal records, and lying to investigators.

On behalf of Iscar Turkey, the Omaha, Nebraska-based American multinational conglomerate company run by Warren Buffett voluntarily disclosed the apparent violations, OFAC said.

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