Berkshire Hathaway to pay $4.1 million to settle alleged Iran sanctions violations

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https://www.reuters.com/article/us-berkshire-hathaway-usa-iran/berkshire-hathaway-to-pay-4-1-million-to-settle-alleged-iran-sanctions-violations-idUSKBN2751X6

OCTOBER 20, 20209:59 AM
UPDATED AN HOUR AGO

Berkshire Hathaway to pay $4.1 million to settle alleged Iran sanctions violations

By Reuters Staff

WASHINGTON (Reuters) - 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.

Berkshire did not immediately respond to a request for comment.

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[underpants]

1. Damn