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Case No. IA-2016-325909-1
Seong Jin Kim
Celltrion Healthcare Co., Ltd.
4th FL, 19, Academy-ro 51
Yeonsu-gu, lncheon, 406-840
Republic of Korea (South Korea)
Dear Mr. Kim
This responds to your correspondence dated February 1, 2016 (the “Application”), to the Treasury Department’s Office of Foreign Assets Control (OFAC), on behalf of Celltrion Healthcare Co., Ltd. and Celltrion Healthcare Ilaç Sanayi Ve Ticart Limited Şirketi (“Celltrion Healthcare Turkey”) requesting authorization to sell and export a certain medicine to Iran. As stated in your letter Celltrion Healthcare Co., Ltd. is a company formed under the laws of Republic of Korea, while Celltrion Healthcare Ilaç Sanayi Ve Ticart Limited Şirketi is a Turkish company that is a wholly-owned subsidiary of Celltrion Healthcare Co., Ltd. As noted in the Application a United States based company is a minority investor in subsidiary, plan...
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1) The applicant here is a non-U.S. person, one that is evidently not “owned or controlled by a U.S. person” in a way that implicates 560.215 of the ITSR, and the proposed transaction involves the exportation of “biologic pharmaceutical medicine” to Iran. Much about the proposed transaction is redacted, but OFAC’s analysis focuses on the authorizations for the exportation of medicine to the Government of Iran by “covered persons”. OFAC’s conclusion is that “to the extent that the proposed transactions described in the Application do involve U.S. persons or transactions with a U.S. nexus (such as transactions involving a U.S. financial institution), the transactions do not appear to be within the scope of the authorization at section 560.530(a)(3) of the ITSR and specific OFAC authorization would be required.” There are two possible bases...