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

In this news, we discuss the Berkshire Hathaway to pay $4.1 million to settle alleged Iran sanctions violations.

WASHINGTON (Reuters) – Warren Buffett’s Berkshire Hathaway Inc has agreed to pay $ 4.14 million to settle allegations that a Turkish affiliate violated U.S. sanctions against Iran, the U.S. Treasury Department said on Tuesday.

The Treasury said that Oscar Kesici Takim Ticareti ve Imalati Limited Sirket, also known as Iscar Turkey, sold cutting tools and related inserts to two Turkish distributors, knowing that they would be shipped to a distributor in Iran for resale, including to the Iranian government.

Sales of Iscar Turkey violated Berkshire’s compliance policies and included 144 shipments between December 2012 and January 2016, the Treasury Department said.

Berkshire did not immediately respond to a request for comment.

Iscar Turkey is a unit of IMC International Metalworking Cos. Berkshire paid $ 4 billion for 80% of Israel-based BMI in 2006, and $ 2.05 billion for the remainder in 2013.

Reporting by Susan Heavey in Washington and Jonathan Stempel in New York; Edited by Franklin Paul and Jonathan Oatis

Original © Thomson Reuters

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