Berkshire Hathaway settles alleged Iran sanctions violations for $4.1 million
By: Elina S.
Warren Buffett’s Berkshire Hathaway agreed to pay $4.14 million to settle allegations that a Turkish subsidiary may have violated US sanctions against Iran, the US Treasury Department said.
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.
Iscar Turkey is a unit of IMC International Metalworking Cos. Berkshire paid $4 billion for 80 percent of Israel-based IMC in 2006, and paid $2.05 billion for the remainder in 2013.
