Anti-Boycott Violations: Over $60,000 in Penalties
The Bureau of Industry and Security (BIS) entered into separate agreements with Vinmar International, Ltd. (VIL), a global marketer and distributor of petrochemical products, and its affiliate, Vinmar Overseas, Ltd. (VOL), both foreign concerns doing business in the State of Texas. They agreed to settle alleged antiboycott violations for $61,200 combined.
The charges claim that they violated the anti-boycott provisions of the Export Administration Regulations in connection with exports to Lebanon, Qatar, Syria and the United Arab Emirates.
In each case the company was charged with:
- furnishing, with intent to comply with, further or support an unsanctioned foreign boycott, information concerning another person’s business relationships with another person who is known or believed to be restricted from having any business relationship with or in a boycotting country
- failing to report to BIS its receipt of a request to engage in a restrictive trade practice or boycott.
If the company does not pay either of these penalties within 30 days, BIS will deny its export privileges for one year.
To read all the details of the settlement agreements: Vinmar International and Vinmar Overseas
Leave a Reply