Cobham Settles Iran Sanctions Violation Claims

Law360, New York (April 3, 2014, 2:30 PM EDT) -- A subsidiary of aerospace communications provider Cobham PLC has settled claims that it violated U.S. sanctions by supplying an Iranian tanker operator with marine antenna systems, the U.S. Treasury Department's Office of Foreign Assets Control said Wednesday.

Sea Tel Inc., which does business as Cobham SATCOM, has agreed to pay $85,113 to settle allegations that it knowingly supplied 16 orders of marine antenna systems to a South Korean distributor that later sent the goods to the National Iranian Tanker Co.

“Sea Tel showed reckless disregard for...
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.