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SETTLEMENT AGREEMENT
This settlement agreement (the "Agreement") with respect to ENF [ ] is made by and between the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") and Aiotec GmbH ("Aiotec"), including its subsidiaries, assignees, successors, and affiliates worldwide (collectively, "Respondent").
I. PARTIES
OFAC administers and enforces economic sanctions against targeted foreign countries, regimes, terrorists, international narcotics traffickers, human rights abusers, and proliferators of weapons of mass destruction, among others. OFAC acts under Presidential national emergency authorities, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under U.S. jurisdiction.
Respondent is a Berlin, Germany headquartered private company established in 2011 that operates in the industrial equipment sector. Respondent supplies its customers with used plants and equipment for refineries, petrochemical plants, gas plants, and other similar systems.
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1) Refer to Enforcement Release: Aiotec GmbH for consolidated comment on Enforcement Release and Settlement Agreement.