Stolt-Nielsen to cooperate with US investigations on Sudan, Iran ties
The Stolt-Nielsen Transportation Group (SNTG), a wholly-owned subsidiary of Stolt-Nielsen SA, commented on press reports regarding investigations in the US regarding business dealings with Sudan and Iran.
Stolt-Nielsen has previously disclosed its cooperation with the US Department of Treasury's Office of Foreign Asset Control (OFAC) regarding two investigations. On March 20, 2003, SNSA's subsidiary, SNTG, agreed with OFAC to pay a civil penalty of $95,000 relating to the payment of incidental port expenses to entities in Sudan without any finding by OFAC of a violation.
SNSA has also previously disclosed an ongoing investigation by OFAC related to certain transactions in Iran and is cooperating fully with OFAC's review of those transactions.
SNSA is aware that an article in the May 20, 2003 edition of The Wall Street Journal reported a probe of SNTG by the US Attorney's Office in Connecticut. SNTG has contacted the US Attorney's Office and is committed to cooperating fully in any probe.
“SNTG has adopted policies and procedures designed to ensure compliance with OFAC regulations and has communicated those policies and procedures to OFAC. We have also informed OFAC that last year SNTG adopted a policy that bars parcel tanker trade with all OFAC restricted countries, regardless of whether such trade would otherwise be permissible under applicable regulations,” according to a company press release.
SNTG has its principal place of business in Rotterdam, Netherlands. “As far as we know, we are the only major parcel tanker owner in the world to forego this trade. SNTG does not have a joint venture or an ongoing business relationship with any sanctioned country,” the announcement continued.
Stolt-Nielsen S.A. is an international provider of transportation services for bulk liquid chemicals, edible oils, acids and other specialty liquids. The company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers.
The company also owns 63 percent of Stolt Offshore SA, which is a leading offshore contractor to the oil and gas industry. Stolt Offshore specializes in providing offshore and sub-sea engineering, flow-line and pipeline lay, construction, inspectionand maintenance services.
Stolt Sea Farm, wholly-owned by the company, produces and markets high Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia. — (menareport.com)
© 2003 Mena Report (www.menareport.com)