Cayman Islands company may have violated sanctions in Cuba and Iran
|
| Published on Thursday, May 17, 2007 |
Email To Friend Print Version |
By Courtney Dentch
NEW YORK, USA (Bloomberg): Paradigm Ltd, which provides software for oil and natural-gas explorers, said three of its subsidiaries may have violated sanctions by doing business in Cuba and Iran.
Subsidiaries from Canada and Venezuela separately sold software products and services to a Cuban business from 2002 to 2005, Grand Cayman-based Paradigm said in a regulatory filing with the US Securities and Exchange Commission. A UK subsidiary sold US-made computer servers in Iran in 2005.
The deals may have violated regulations from the US Treasury or Commerce departments, and Paradigm alerted authorities and began an internal investigation. The company also halted all business in Cuba and Iran, it said.
Paradigm spokeswoman Carmen Comis didn't immediately return calls from Bloomberg News seeking comment.
| | | | Reads : 37 |
|
