Neogen Says Iran Sanctions Probe Concluded Without Fine
The food-safety and veterinary-products company said it had received a cautionary letter from the U.S. Treasury Department’s sanctions enforcer but that it didn’t receive any fine or enforcement action Food-safety and veterinary-products company Neogen disclosed that the Treasury Department’s Office of Foreign Assets Control had concluded a probe into potential sanctions violations regarding transactions by the company with parties in Iran without issuing a fine. Photo: Patrick Semansky/Associated Press By David Smagalla Aug. 16, 2023 5:05 pm ET Food-safety and veterinary-products company Neogen said the U.S. Treasury Department’s sanctions enforcer concluded an investigation into the company’s business dealings with entities in Iran with a cautionary letter but without imposing a fine or any ot
Food-safety and veterinary-products company Neogen disclosed that the Treasury Department’s Office of Foreign Assets Control had concluded a probe into potential sanctions violations regarding transactions by the company with parties in Iran without issuing a fine.
Photo: Patrick Semansky/Associated Press
Food-safety and veterinary-products company Neogen said the U.S. Treasury Department’s sanctions enforcer concluded an investigation into the company’s business dealings with entities in Iran with a cautionary letter but without imposing a fine or any other enforcement action.
Lansing, Mich.-based Neogen disclosed two years ago that it had received an administrative subpoena from the Office of Foreign Assets Control. Neogen said its internal investigation found it had provided genomic-testing services to a U.S.-based entity that was engaged in veterinary activities involving an Iranian party.
The company added at the time that it was putting in place additional compliance measures to prevent dealings with restricted countries or parties subject to U.S. economic sanctions and export control laws.
The U.S. has broad sanctions on Iran, prohibiting exports of U.S. goods, technology or services to the country.
Neogen in its most recent regulatory filing said it had set aside $600,000 for a potential penalty from OFAC but that it had reversed the accrual in the fourth quarter of 2023 because the investigation was “effectively resolved.”
Neither Neogen nor the Treasury responded immediately to a request for comment.
Write to David Smagalla at [email protected]
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