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86 FIRMS FINED FOR TRADING WITH "ENEMY"
Posted By: Care Date: Wednesday, 3-Jul-2002 11:32:00
Excerpts:
The U.S. government disclosed it has fined 86 companies, including Ikea A/S, CNA Insurance Cos. and the Los Angeles Dodgers, for violating a law that bars companies from doing business with an “enemies” list of nations that includes Iran, Iraq, Cuba and North Korea.
THE TREASURY DEPARTMENT’S Office of Foreign Assets Control released a list of 115 fines totaling $5.8 million for violations of the Trading With the Enemy Act dating back to 1998. The list adds to information it disclosed in March, but doesn’t include all fines during the period.
In the case of the Dodgers, the professional baseball team reached a $75,000 settlement in 1999 with OFAC for signing two Cuban players.
CNA, a unit of CNA Financial Corp., Chicago, had the costliest settlements — nearly $2.4 million — for trading with Cuba.
Other companies that reached settlements include Goodyear Tire & Rubber Co., Akron, Ohio, which traded with Cuba and settled for $195,000, and GRE Insurance Group, now owned by Liberty Mutual Insurance Co., Boston, which settled for $244,250 for trading with Iraq.
The Treasury’s latest list didn’t include Halliburton Co., Dallas, the oil-services company formerly run by Vice President Dick Cheney. Halliburton opened an office in Tehran in 2000, when Mr. Cheney was chief executive officer. When the news became public last year, the company denied its office violated the U.S. law.
