International Veneer to Pay $12,000 to Settle Anti-Boycott Allegations
International Veneer Co. will pay $12,500 to settle allegations that it violated the Export Administration Regulations by failing to report boycott requests, according to a Bureau of Industry and Security settlement agreement. International Veneer is charged with failing to report…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
boycott requests on seven occasions between 2007 and 2010 in relation to exports it made to Lebanon and the United Arab Emirates. Specifically, letters of credit for the transactions required documents that said the carrying vessels were allowed to enter Lebanese and UAE ports. If International Veneer fails to pay the penalty in 30 days, BIS may suspend its export privileges for one year. The company neither admitted nor denied its guilt.