New York (CNN Business) A foreign subsidiary of Berkshire Hathaway appears to have violated US sanctions on Iran, the Treasury Department said Tuesday. Berkshire BRKA , the conglomerate run by the legendary investor Warren Buffett, voluntarily disclosed the conduct and agreed to pay $4.1 million to settle its potential civil liability over the matter. The Treasury Department said that between late 2012 and early 2016, Iscar Turkey, the Berkshire subsidiary, "knowingly engaged" in transactions with people subject to US sanctions on Iran, calling it an "egregious case." Senior management at the Turkish subsidiary "sought out business" in Iran with the "express purpose of building a foothold" in the market when it was prohibited from doing so, Treasury said. To hide its dealings with Iran, Iscar Turkey allegedly accepted payments in Euro-denominated cash, instructed employees to use private email accounts, employed "false invoices" and even used a "fake name" for a "non-existent company" to mask the ultimate buyers.

Source: CNN October 20, 2020 16:17 UTC