A global technology and defense firm, on behalf of its former subsidiary, agreed to settle three violations of the Ukraine-Related Sanctions Regulations.
According to the U.S. Treasury Office of Foreign Assets Control ("OFAC"), Aeroflex/Metelics, Inc. ("Metelics"), a former subsidiary of Cobham Holdings, Inc. ("Cobham"), sold "components to be incorporated into commercial air traffic control radar" through distributors in Canada and Russia to an individual whose property and interests in property are blocked pursuant to Executive Order 13661.
OFAC stated that Cobham voluntarily disclosed the apparent violations on behalf of Metelics and that the violations were a "non-egregious" case. Further, OFAC noted that Cobham stopped the violative conduct and has taken concrete steps to reduce the risk of repeating similar conduct in the future. The assessed penalty of $87,507 to settle potential civil liability reflects OFAC's consideration of the facts and circumstances.
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