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Buffett's firm to pay $4.1M fine for subsidiary's Iran sales

Warren Buffett appoints two new vice chairs of Berkshire Hathaway
Posted at 7:31 PM, Oct 20, 2020
and last updated 2020-10-20 20:31:14-04

OMAHA, Neb. (AP) — Warren Buffett’s company has agreed to pay a $4.1 million fine because one of its subsidiaries improperly sold equipment that was destined for Iran in violation of U.S. sanctions.

The Treasury Department announced the settlement with Buffett’s Berkshire Hathaway on Tuesday.

The fine related to $383,443 worth of cutting tools and other equipment that Berkshire’s Iscar subsidiary sold to Turkish distributors between 2012 and 2016.

Regulators said Iscar officials knew the products were going to be delivered to Iranian buyers.

Officials at Berkshire’s headquarters in Omaha, Nebraska, didn’t immediately respond to questions about the settlement Tuesday.

Regulators said Berkshire reported the improper sales to the Treasury Department in 2016.

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