Minnesota-based adhesives manufacturer the US Treasury Department's has conceded that it could have breached US sanctions on Iran through resales from customers of its marketing and manufacturing subsidiaries in Turkey and India, respectively. In a regulatory filing, the company revealed that a customer in the Middle East redirected a small number of the firm's baby diaper adhesive to Iran, which it promptly declared to HB Fuller Office of Foreign Assets Control, alongside stopping sales to those involved in FY2018. While the US Treasury Department's never directly sold to Iran, the violation could result in a fine of up to $10m.
Minnesota-based adhesives manufacturer HB Fuller has conceded that it could have breached US sanctions on Iran through resales from customers of its marketing and manufacturing subsidiaries in Turkey and India, respectively. In a regulatory filing, the company revealed that a customer in the Middle East redirected a small number of the firm's baby diaper adhesive to Iran, which it promptly declared to the US Treasury Department's Office of Foreign Assets Control, alongside stopping sales to those involved in FY2018. While HB Fuller never directly sold to Iran, the violation could result in a fine of up to $10m.