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ENFORCEMENT INFORMATION FOR OCTOBER 24, 2013
Ameron International Corporation Settles Potential Civil Liability for Apparent Violations of the Iranian Transactions and Sanctions Regulations and Cuban Assets Control Regulations: Ameron International Corporation ("Ameron"), Pasadena, CA, has agreed to pay $434,700 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (the "ITSR"),[1] and the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the "CACR"), occurring on or about March 14, 2005, through on or about October 5, 2006. In apparent violation of the ITSR, Ameron: (1) approved, on two occasions, capital expenditure requests made by Ameron B.V., a Dutch subsidiary of Ameron, and Ameron (Pte) Ltd. ("PTE"), a Singaporean subsidiary of Ameron, to purchase toolings and other equipment needed to fulfill orders for a South Pars project, located in Iran; (2) referred to its foreign subsidiaries three business opportunities...
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1) Ameron provided more information concerning these violations to the SEC, see https://www.sec.gov/Archives/edgar/containers/fix019/790730/000079073009000020/filename1.htm.
2) Bases for liability:
a) CACR: 515.201(b): On the basis of the facts provided by OFAC, the Cuban component of the enforcement action appears to be a situation similar to Halliburton Atlantic Limited and Halliburton Overseas Limited (2016), in which the provision of goods or services to a company in which Cuba had a minority interest was found to violate the CACR. In that case, the Cuban interest was only 5%, but that 5% was coupled with direct contractual rights to the assets of the consortium, raising the specter of facilitation of that secondary transaction between the consortium and the Cuban company. Here, there is no mention of a separate contract between the Cuban...