Sumitomo Group

NEC Corporation


Sumitomo Group is the parent company of another IBR listed company, Sumitomo Mitsui Financial Group


"Sumitomo Mitsui Financial Group Inc., Japan’s second-largest publicly traded bank, has identified transactions that may have violated U.S. economic sanctions, the bank said in a securities filing. The bank said it voluntarily disclosed 'a limited number' of transactions with Cuba, Iran, Sudan and other countries to the Treasury Department’s Office of Foreign Assets Control, which enforces U.S. sanctions....The bank has a representative office in Iran and provides financing to entities there." (Wall Street Journal, "Sumitomo Mitsui Financial Group Discloses Potential Violations of US Sanctions," 10/22/10)


"Reports issued by U.S. researchers attempting to document activity by multinational companies in Iran have named...units of Japan's three largest banks--Mitsubishi UFJ Financial Group Inc, Sumitomo Mitsui Financial Group and Mizuho Financial Group Inc--as doing business that could possibly run afoul of new U.S. rules.A widely circulated report issued this year by a former U.S. Treasury Department official on global banks doing business with Iranian banks named the Big Three Japanese financial institutions. Spokespeople for the three Japanese banks declined to comment on the accuracy of the report, or how the law might affect their operations in Iran." (Wall Street Journal, "New U.S. Law on Iran May Hurt Japanese Firms," 7/1/2010).