US Firm Berkshire Hathaway Pays $4.1Mln Fine For Sales Violating Iran Sanctions - Treasury

Muhammad Irfan Published October 20, 2020 | 09:38 PM

Berkshire Hathaway, the investment company led by billionaire Warren Buffett, settled charges that a Turkish subsidiary's sales to Iran violated US sanctions with a $4.1 million penalty, the US Treasury Department said in a press release on Tuesday

WASHINGTON (UrduPoint News / Sputnik - 20th October, 2020) Berkshire Hathaway, the investment company led by billionaire Warren Buffett, settled charges that a Turkish subsidiary's sales to Iran violated US sanctions with a $4.1 million penalty, the US Treasury Department said in a press release on Tuesday.

"Berkshire, on behalf of itself and its subsidiary located in Turkey, has agreed to settle its potential civil liability for 144 apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR)," the release said.

Between December 2012 and January 2016, the company's subsidiary Iscar Turkey exported 144 shipments of cutting tools and related inserts, with a total value of $383,443, to two third-party Turkish distributors knowing that such goods would be shipped to a distributor in Iran for resale to Iranian end-users, the release also said.

The $4,144,651 penalty resolves civil, as opposed to criminal, charges because the company voluntarily disclosed its subsidiary's actions, the release added.