US Electronics Company Not Fined by BIS for Possible Illegal Shipments, Company Says
The Bureau of Industry and Security did not impose penalties on a U.S. electronics company that had disclosed potential export violations (see 1911290004) for shipments involving Iran and Syria, Arrow Electronics said in an Oct. 29 Securities and Exchange Commission…
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filing. Arrow, which disclosed that it helped ship $5,000 worth of products to resellers covered by U.S. sanctions, said BIS closed its investigation and issued the company a warning letter with no penalties. BIS declined to comment. Arrow said it is still being investigated by the Treasury Department’s Office of Foreign Assets Control for the sanctions violations, which “may result in the imposition of penalties.”