Feds Drop More Charges In $24M Iran Export Suit

Law360, Washington (February 10, 2016, 1:34 PM EST) -- Federal prosecutors sought to dismiss charges against three companies Tuesday for allegedly violating Iran trade sanctions by importing microelectronics to the country, following a pair of pardons in the case amid a deal with Iran that freed several imprisoned Americans.

Citing “significant foreign policy interests of the United States,” prosecutors asked a Texas federal court to dismiss without prejudice charges against Faratel Corp., Golsad Istanbul Trading Ltd. and Smart Power Systems Inc., which had been indicted over an alleged scheme to sidestep sanctions and import electronics to an Iranian company. The charges against Arthur Shyu and his company, Hosoda Taiwan Ltd....

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