FITI Settles Commerce's Export Allegations

Law360, New York (September 16, 2009, 3:15 PM EDT) -- Taiwan’s Foxsemicon Integrated Technologies Inc. and a stateside affiliate have ponied up more than $400,000 to settle the U.S. Department of Commerce’s claims that the companies illicitly exported technology to China that may be used for nuclear weapon systems.

The Commerce Department’s Bureau of Industry and Security announced Sept. 14 that FITI, which develops systems used in the manufacture of semiconductors and flat panel screens, agreed to a $250,000 penalty to settle claims that it committed numerous violations of the Export Administration Regulations by orchestrating shipments...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.