Texas Company Fined for Alleged Cuban and Iranian Transaction Violations
A Houston, Texas company agreed to pay $139,650 to settle potential civil liability for alleged violations of Cuban and Iranian transaction restrictions, the Treasury Department’s Office of Foreign Assets Control said March 5. EGL, Inc., now part of the CEVA…
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Logistics group of companies, allegedly violated the Cuban Assets Control Regulations from April 2005-Dec. 2008, according to an OFAC notice. EGL’s foreign affiliates provided freight forwarding services with respect to shipments to and from Cuba, in 280 different transactions, the notice said. The alleged violations of the Iranian Transactions and Sanctions Regulations occurred from around Aug.-Oct. 2008, when EGL affiliates acted as the freight forwarder of 10 shipments of oil rigs to the oil drilling rig Aban VIII, the notice said. That rig is located in Iranian waters and is operated by Petropars, an affiliated company of the National Iranian Oil Company, according to OFAC.