UANI Applauds the SEC for Investigating Companies That Fail to Disclose Business with Iran

FOR IMMEDIATE RELEASE
May 5, 2010
Contact: Kimmie Lipscomb, [email protected]
Phone: (212) 554-3296
 

  UANI Applauds the SEC for Investigating Companies That Fail to Disclose Business with Iran

New York, NY - United Against Nuclear Iran (UANI) applauds the Securities and Exchange Commission for investigating firms that do business with Iran.  Business with Iran is material and therefore must be disclosed.  A number of companies that operate in Iran have failed to disclose their business in Iran.  UANI has targeted these companies through the Iran Disclosure Project for failing to adequately disclose the extent of and the risks of doing business in Iran. 
 
UANI President, Ambassador Mark D. Wallace said of the SEC's efforts:  

Conducting business in Iran is risky and it is material to investors who have a legal right to know about the risky and irresponsible activities of the companies in which they invest.  The terror sponsoring Islamic Revolutionary Guard Corps is ubiquitous throughout Iran's economy.  Iran's continued pursuit of an illegal nuclear weapons program and the regime's brutal crackdown on dissent make Iran one of the world's riskiest places to do business.  The world's leading auditors including KPMG, PricewaterhouseCoopers, and Ernst and Young have all concluded that doing business in Iran is too risky and have ended their business there.  Any company that fails to disclose its business in Iran is acting in violation of U.S. disclosure laws.  UANI applauds the SEC for its decision to investigate the disclosure practices of companies that continue to operate in Iran.

Through the Iran Disclosure Project UANI has targeted Royal Dutch Shell, Caterpillar, Ingersoll Rand, KPMG, and Honeywell for failing to adequately disclose the extent of their business in Iran. 
 
Click here to learn more about the Iran Disclosure Project.
Click here to call on Honeywell to disclose its business in Iran.