German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
The settlement agreement between Aiotec and the U.S. Treasury Department’s Office of Foreign Assets Control, which was announced Tuesday but signed Nov. 7 by OFAC, stipulated that nearly $10 million of the settlement total be used to hire a sanctions compliance officer and implement a sanctions compliance program over seven years. Aiotec will have to submit an itemized compliance program budget to OFAC each year and have its compliance program audited annually by an independent third party.
