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Archer Daniels Midland Company

Archer Daniels Midland Company

Industry: 
Food and Beverage
Symbol: 
NYSE:ADM
Country: 
USA
Sources: 

Over the last three presidential administrations, the United States government has granted Archer Daniels Midland Company 48 special licenses to do business in Iran. (New York Times, "Companies with Permission to Bypass Sanctions," 12/24/10)

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"After years of difficulty caused by economic sanctions, suppliers are hoping a nuclear deal will make it easier to win lucrative contracts to sell wheat, sugar and other food to Iran…Top global agribusiness groups such as Cargill and Archer Daniels Midland Co and others like Swiss commodities trader Glencore-Xstrata have been among the dominant players in Iran's food trade. Those three firms confirmed they sell agricultural products to Iran, and said the activity was in compliance with sanctions." (Reuters, "Food suppliers look to win Iran contracts after nuclear deal," 11/28/13)

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"This license authorized Archer Daniels Midland Company to fulfill a contractual obligation it had in connection with a 'string transaction.' Companies enter into such transactions when they sell goods on a commodities market. Often, they have no way of knowing where the goods will end up. In this case, Archer Daniels Midland found out that its goods were destined for Iran after it entered into the transaction, according to its application. OFAC said it generally grants licenses in this type of situation because failing to do so could bring American commodities trading to a halt." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)