Texas Resources Co. Fined Over Iran Sanction Violations

Law360, New York (August 23, 2012, 3:17 PM EDT) -- A Houston-based unit of Chinese natural resources company Grand Resources Co. Ltd. has been fined in connection with transactions it took part in that the federal government says violated the terms of U.S. trade sanctions against Iran, the U.S. Department of the Treasury announced Wednesday.

In an enforcement notice released by the Treasury's Office of Foreign Asset Control, the department said that Grand Resources USA Inc. — which does business as GR-Duratech Texas Inc. — was assessed a $402,000 penalty related to a 2005 transaction that...
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