Climax to Pay $9,000 to Settle BIS Charges of Antiboycott Violations
Climax Molybdenum Marketing Co. will pay $9,000 to settle Bureau of Industry and Security charges that it violated antiboycott provisions of the Export Administration Regulations. Climax, doing business with a Kuwaiti company in early 2008, failed to report two requests…
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to engage in a foreign boycott in violation of Section 760.5 of the EAR, and then furnished information about its relationships with boycotted countries or blacklisted persons in violation of Section 760.2(d) of the EAR, BIS said. Specifically, Climax did not report a requirement that the carrying vessel be allowed to enter Kuwaiti ports, and certified that its carrying vessel met the requirement, the charging letter said. If Climax does not pay the penalty within 30 days of the order, interest will accrue and BIS will suspend Climax’s export privileges for one year. Climax did not admit its guilt in the settlement agreement.