Berkshire Hathaway Inc. has agreed to pay roughly $4.1 million to settle allegations that a Turkish subsidiary violated U.S. sanctions on Iran. Federal regulations prohibit any U.S. companies and their foreign subsidiaries from dealing with the government of Iran and its entities. The alleged activities began with Iscar Turkey starting a business relationship with an Iranian distributor in 2012, according to the agreement. Iscar Turkey also received payments in euros to obfuscate its transactions with Iran, according to the settlement. Only one Berkshire subsidiary informed Iscar Turkey that such transactions were prohibited, and others didn’t, according to the agreement.

Source: Wall Street Journal October 20, 2020 17:44 UTC