Duferco attended the Iranian Steel Pipe & Tube Conference (the “Conference”) in Tehran on May 24-25, 2016. (MetalBulletin Events, “Iranian Steel Pipe & Tube Conference”). The conference purported to offer “a unique opportunity to gain crucial insight into the Iranian market and the networking with leading Iranian companies is not to be missed.” (MetalBulletin Events, "Iranian Steel Pipe & Tube Conference").

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The Duferco Group's Iranian Branch, Kemco AG (Company Website)

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"The list of about 1,000 Italian companies active in Iran includes such household names as Eni—the energy giant is Iran's biggest business partner in Europe according to the Italian-Iranian Chamber of Commerce—as well as Fiat, Ansaldo, Maire Tecnimont, Danieli and Duferco." (Wall Street Journal, "The Rome-Tehran Axis," January 2010)

“Korean Register (KR), an IACS member classification society, has signed a Memorandum of Agreement to establish a joint venture company with the Iranian Classification Society (ICS). The company will be called the Iran-Korea Technology Assurance Company, with 50-50 capital investment from KR and ICS and is expected to be fully operational in 2017. KR established a branch office in Tehran in 2010, but sanctions meant that the society then suspended most of its services. Also to comply with national and international regulations, KR de-listed the Iranian vessels on its register. In 2016, following the easing of international sanctions, KR started classing Iranian ships again. Iranian vessels are today in the process of being registered with KR, including ships from the Islamic Republic of Iran Shipping Lines (IRISL) and the National Iranian Tanker Company (NITC). In November 2015, KR signed an MOU with IRISL and ICS, further cementing its strong position with the maritime community in the country, with all parties agreeing to actively cooperate on ship surveys. A spokesman for the company said: ‘KR is a respected maritime organisation in Iran and is a preferred provider for many of the local shipping companies. Moving forward, we expect to increase our market share of the Iranian national fleet which is expected to rise due to the newbuild tanker orders resulting from the country’s expanded crude oil production and export.’” (The Maritime Standard, “KR STEPS UP PRESENCE IN IRAN,” 6/1/2016)

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"KR opened a branch office in Tehran in 2010 and regularly organised technical seminars in the country to market its services … [and] kept up a consistent effort to maintain an ongoing partnership with Iran's maritime sector. In January 2016, KR was reportedly in the process of registering 27 oil tankers belonging to Iran's national line, Islamic Republic of Iran Shipping Lines (IRISL) … [with] a combined tonnage of 2 million gt. The CEO of KR stated we have been building up trust among Iran’s maritime industry while becoming a leading class society. KR will endeavour to build a friendly relationship with Iran so that South Korea's maritime industry can make inroads into the Iranian market.” (Fairplay, “Korean ship register resumes business activity in Iran,” 2/16/2016).

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"The last big company doing classification work on Iranian ships, key to securing insurance and ports access, said on Friday it is stopping the work, spelling further difficulty for Iran's shipping, including its oil exports. The Korean Register of Shipping (KR) is the last of the world's top 13 classification societies to halt marine work in Iran following a recent exodus, including Britain's Lloyd's Register, triggered by Western sanctions on Tehran. 'In early August, the Korean Register of Shipping took the decision to stop providing classification services to Iranian ships. All relevant authorities and parties concerned were informed at that time,' KR said in a statement on Friday... In July, KR had sidestepped calls by U.S. pressure group United Against Nuclear Iran to halt its verification work saying it was concerned that vessel safety and marine environment protection could be compromised... IACS members such as Germany's Germanischer Lloyd and France's Bureau Veritas pulled out of Iran after being urged to exit by United Against Nuclear Iran, which includes former U.S. ambassadors on its board and is funded by private donations. The pressure group backs tougher sanctions on Iran. 'We applaud KR for this responsible and significant decision,' a spokesman for the group said on Friday. 'KR has joined other shipping services and countries in forcing Iran's business partners to now assume most all of the shipping risks for their business with the regime." (Reuters, "Iran faces new blow as South Korea firm ends ship work," 9/28/12)

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"Under pressure from lobbying groups campaigning against Iran's nuclear program, some specialized companies that supply the safety certificates required for ships to dock at foreign ports are terminating their dealings with Iran... Iranian tankers in need of safety certificates aren't out of options, as Asian classification societies have stepped into the breach. A spokesman for the Korean Register of Shipping said it provides classification services to a small number of Iranian ships as part of its ongoing contractual responsibilities. The Korean Register is in charge of surveying seven tankers, according to its website." (Wall Street Journal, "Iran's Oil Ships Sail Into Troubled Waters," 6/24/12)

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“KR visited Iran in early August with the aim of obtaining statutory survey status from the Iranian administration; to sign a cooperation agreement with the Iranian Classification society (ICS); and to contract a trilateral agreement between KR, ICS and the Iranian Ports & Maritime Organization (PMO).” (KRS Website, Press Release. “KR Visits Iran For Mutual Cooperation,” September 2009)

"Sunkar Air (Almaty) has signed a Memorandum of Understanding (MOU) with the Chamber of Commerce of the northern Iranian city of Gorgan to develop weekly flights to Aktau in Kazakhstan. According to the Iranian Students' News Agency (ISNA), the service will run on a month-long basis initially using Sunkar Air's B737-300 UP-B3717 (msn 24664). The route is aimed at developing the cities' mutual trade and cultural ties." (Ch-Aviation, "Kazakhstan's Sunkar Air signs Iran service deal," 07/22/2016).

"Isuzu Motors Ltd is considering expanding its business in Iran following the recent removal of the Japanese government’s economic sanctions on Tehran, a company official said Monday. The Japanese commercial vehicle maker is apparently aiming to increase exports of parts for light-duty trucks while watching the economic situation in Iran, Japan’s Jiji Press reported. Currently, a local company in Iran assembles such trucks using parts shipped from Isuzu and sells them in the country. When the economic sanctions were in place, the period for parts shipments had been limited. At a press conference, Isuzu Managing Executive Officer Makoto Kawahara said, 'We will work on expanding our operations in Iran even more actively once the economic sanctions are fully removed.'" (Bernama, “Japan’s Isuzu mulling biz expansion in Iran,” 2/10/2016)

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"Isuzu Motors plans to resume exports of light trucks and other models to Iran once [sanctions are lifted]." (Nikkei, “Japanese automakers readying to renew exports to Iran,” 10/10/2015)

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In 2015 testimony before the United States House Committee on Foreign Affairs, Dr. Emanuele Ottolenghi affirmed, “Bahman Group and the firms that control it are IRGC companies.” He continued: "The firm is a case study that illustrates how IRGC companies are structured to obfuscate corporate governance information as a means to evade sanctions. The two company shareholders that jointly control Bahman Group – Fan Pardazan Bahman Co. (27.41%) and Andishe Fardah Investment Company (25.62%) – are both owned by Bahman Group itself. The identity of the board of directors, however, reveals IRGC control over the company." (Testimony Before the U.S. House Committee on Foreign Affairs, Middle East and North Africa Subcommittee, “The Iran Nuclear Deal and its Impact on Iran’s Islamic Revolutionary Guards Corps,” 09/17/2015).
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Individuals in charge of the IRGC charitable foundation that owns a large stake in the Bahman Group, the “Cooperative Foundation” (a.k.a. Bonyad-e Ta’avon Sepah), include: Brigadier General Morteza Rezaei (Chairman): former head of IRGC intelligence for a decade and former deputy commander in chief of the IRGC. Rezaei has direct involvement in terror activities. Morteza Bahmanyar (Chief Financial Officer): head of the budget planning department at the U.S.-sanctioned Aerospace Industries Organization, a Ministry of Defense company in charge of Iran’s ballistic missile program. Masoud Mehrdadi (Board Member): financial expert for the IRGC, also serving on the board for other IRGC entities. (Business Insider, “If The US Wants A Nuclear Deal, It Needs To Fully Enforce Its Sanctions Against Iran's Revolutionary Guards,” 9/14/2014).

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"Isuzu uses the Bahman Group as its distributor in Iran, according to Isuzu's Web site. The Sepah Cooperative Foundation, a large investment fund closely linked to the Iranian Revolutionary Guard Corps (IRGC), owns a 45 percent share of the Bahman Group, according to Iranian newspaper reports. (Among the links between the Sepah Cooperative Foundation and the IRGC: the general manager of the the Sepah Cooperative until this fall was IRGC commander Ahmad Vahid-Dastjerdi. Another former notable head of the Sepah Cooperative Foundation was Mohsen Rafiqdoost, who helped found the IRGC. The Sepah Cooperative Foundation's stake in the Bahman Group has also been reported by Rand Corporation, in a 2009 report prepared for the Office of the Secretary of Defense, as well as the think tanks the Washington Institute, and the Council on Foreign Relations reports.) Isuzu spokesman Kouichi Itou said in a statement that the company was not aware of those links and believed that a 'Retirement Insurance Organization' was a 45 percent shareholder in Bahman."

From 2000 through March 2010, Isuzu has been the recipient of $1.9 million in U.S. federal funds. (The New York Times, "Profiting from Iran, and the U.S.", 3/6/10)

"South Korea's finance minister said on Thursday his country will start trading with Iran using the euro on Aug. 29. 'It will be implemented from next Monday,' Yoo Il-ho told reporters in Seoul, referring to a decision which will allow trade between the two nations to be settled in the euro. The move 'will greatly resolve obstacles that stood in the way of facilitating investment and trading with Iran,' Yoo said, and added that KEB Hana Bank, Shinhan Bank and Woori Bank have been selected as settlement banks. Up till now, South Korea's purchases of Iranian oil and payments for construction projects in Iran have been settled in the won, restricting business activities even after the lifting of Western sanctions against the Middle Eastern country." (Reuters, "South Korea to start trading with Iran in euro on Aug 29," 08/25/2016).

"Enterkhab, owned by Iran’s Mohammad Reza Dayyani, recently got international court approval at Rotterdam, the Netherland, to seize assets of Samsung Electronics, LG Electronics, KEB Hana Bank and others, according to officials.

The compensation dispute between the Iranian company and the Korean government dates back to 2010, when the Dayyani family -- largest shareholder of Iranian home appliance seller Enterkhab -- failed to acquire Daewoo Electronics.

Selected as a priority bidder to acquire the electronics company, Entekhab paid 57.8 billion ($51.5 million) as a 10 percent down payment. But creditors later annulled the deal, citing the lack of transparency in financing plans and refused to pay back the money.

Suspecting that the Korean government wrongfully interfered in the transaction, under pressure from Washington, Dayyanis filed an investor-state dispute lawsuit." (Korea Herald, "Iranian firm likely to seize assets of Korean firms amid dispute," 8/20/2019).

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"KEB Hana Bank is facing an investigation for possible human rights violations after the bank was found to have requested its Iranian customers to close their bank accounts, according to the National Human Rights Commission (NHRC) Friday...KEB Hana Bank said it requested dozens of its Iranian customers here to close their banks via email and telephone between the end of September and Oct. 12.The lender has also suspended deposit and withdrawal services for Iranian customers here since Oct. 31." (Korea Times, "KEB Hana Bank under probe for discriminating against Iranian customers," 11/9/2018).

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“According to Iranian Embassy in South Korea, Iranians can open bank accounts from October 5 in all branches of KEB Hana Bank and Woori Bank and carry out banking transactions,” Pooya Firoozi was quoted as saying." (Financial Times, "Iran's Banking Problems With South Korea Resolved," 10/9/2018).

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"South Korea's finance minister said on Thursday his country will start trading with Iran using the euro on Aug. 29. 'It will be implemented from next Monday,' Yoo Il-ho told reporters in Seoul, referring to a decision which will allow trade between the two nations to be settled in the euro. The move 'will greatly resolve obstacles that stood in the way of facilitating investment and trading with Iran,' Yoo said, and added that KEB Hana Bank, Shinhan Bank and Woori Bank have been selected as settlement banks. Up till now, South Korea's purchases of Iranian oil and payments for construction projects in Iran have been settled in the won, restricting business activities even after the lifting of Western sanctions against the Middle Eastern country." (Reuters, "South Korea to start trading with Iran in euro on Aug 29," 08/25/2016).