Withdrawn

Nexia confirmed its status as a "Full Member" in Iran in the April 2010 issue of the International Accounting Bulletin.  

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Nexia lists an office in Iran on its website.  ("Global Directory," Company website)

"Less than a month after this column queried this column queried Grant Thornton's continued business dealings in Iran, the accountant announces it has terminated relations with Rymand & Co, its Iranian correspondent company, and will 'do no future business in Iran until the regime stops sponsoring terrorists and ends its pursuit of nuclear weapons'. Grant Thornton says it 'appreciates'the matter being brought to its attention. Just put the cheque in the post." (The Telegraph, "City Diary: Mehmet Dalman to write chapter and verse on miner ENRC," 4/30/2013) 

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"Grant Thornton and two other accounting firms are pulling out of Iran, creating further difficulties for foreign companies still operating in the country. RSM, a UK-based firm, and Crowe Horwath of the US have joined Grant Thornton, one of the second-tier international accountancy firms, in leaving Iran after coming under US political pressure... 'It sends an important message when accountancy firms decide that it is too risky to do business in Iran,' said Mark Wallace, the head of United Against Nuclear Iran, a lobby group. 'Without respected auditors, it makes it much harder for other international companies to continue doing business there.'" (Financial Times, "Three accounting firms pull out of Iran," 4/26/2013)  

Grant Thornton, the UK-based firm, said that it was terminating its relationship with Rymand & Co, an Iranian accounting firm, and said it would not conduct further business in Iran. RSM said it would cease working with Dayarayan Auditing & Financial Services, while Crowe Horwath said it would cut ties with Hoshiyar/Behmand & Co.

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"Alarm bells are ringing at a lofty diplomatic level over Grant Thornton's continued business dealings in Iran through correspondent firm Rymand & Co. Mark Wallace, a former US ambassador to the United Nations, has written to Grant Thornton global chiefs Edward Nusbaum and Stephen Chipman to question the 'financial and reputational harm' of the accountant's Iranian affiliation. 'As you know,' writes Wallace on behalf of United Against Nuclear Iran (UANI), 'the international community is ... increasingly alarmed by Iran's refusal to alleviate concerns that it may be pursuing nuclear weapons. As one of the world's leading professional networks, Grant Thornton's ongoing business activities in Iran raise serious questions and concerns.' So will Grant Thornton follow KPMG, PwC and Ernst & Young's lead in cutting their Iranian ties? 'We are investigating the matter and will respond to [UANI] directly,' said a spokesman. By UANI's deadline on Monday, Diary hopes." (The Telegraph, "City Diary: Grant Thornton rapped for 'reputational harm' over Iranian business," 3/29/13)

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Grant Thorton confirmed its status as a "Corresponding Member" in Iran in the April 2010 issue of the International Accounting Bulletin.  

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On its website, Grant Thornton lists a "Correspondent Firm" in Iran called Rymand & Co. (Grant Thornton Website, "Global Reach," Input: "Iran")

"The company was reported as potentially selling pump products in Iran. In 2018 CalPERS designated the company as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the regions and/or activities targeted by the Act. CalPERS has maintained the company in “monitor” status for 2020. CalPERS continues to monitor the company for possible changes in status relevant to the Act."

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In 2015, CalSTRS designated Sulzer AG as “Under Review” for potentially having ties to Iran. In 2016, CalSTRS designated Sulzer AG as “Being Monitored” while conducting further review of the company’s internal controls and compliance programs and maintained that designation in 2017. In 2018, CalSTRS removed Sulzer AG from the “Being Monitored“list after reviewing internal controls and receiving confirmation the company ceased doing business in Iran. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the activities targeted by the Act. CalPERS will continue to assess and/or monitor the company for possible changes in status relevant to the Act.

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Sulzer's Middle East contact is listed as an attendee at the Focus Iran Summit & Exhibition that took place from September 26-27, 2016, in Tehran, Iran. (Participating Companies)

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"The Swiss newspaper Sonntag reported that engineering group Sulzer (SUN.S) had since 2009 conducted much less business there than in previous years, citing a company spokeswoman. Sulzer was not immediately available for comment." (Reuters, "ABB, other Swiss firms halting Iran business," 1/31/10)

Alfred Dunhill website does not list a store in Iran. 

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Alfred Dunhill is a subsidiary of Swiss luxury goods holding company Richemont. 

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The British luxury goods company lists Kish Benin as an authorized retailer in Tehran. (Alfred Dunhill Website, “Find a Store,” input: “Iran”) 

As of August 27, 2019, BMW is listed on the Illinois Investment Policy Board Iran Restricted Companies list. 

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On October 2, 2018, the U.S. embassy in Berlin announced BMW would not pursue any economic activities in Iran. (October 2, 2018)

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Sells vehicles in Iran through Persia Khodro.

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An entity claiming to be the "sole BMW importer in Iran" has produced a facebook page displaying the address of a BMW showroom located in Tehran. This points to the possiblity that BMW still maintains an importer in Iran.

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"The Trade Promotion Organization of Iran has announced the list of cars which are allowed to be imported in the current Iranian year, but renowned brands such as Porsche, Benz, BMW, Maserati, and Nissan are not in the list, ISNA news agency reported." (Azer News, "Iran bans imports of renowned car brands," 5/27/2013)

Sungjin Geotec is a subsidiary of South Korean Steel Company POSCO

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According to an Annual Report filed by POSCO for fiscal year 2012: "We acquired a controlling interest in Sungjin Geotec Co., Ltd. (“Sungjin Geotec”), a manufacturer of specialized equipment used in the power and energy industries in May 2010, and we currently hold a 33.0% interest in the company. In recent years, Sungjin Geotec entered into contracts with various suppliers to supply equipment for the development of natural gas fields in Iran, including natural gas fields located in South Pars that is led by Pars Oil and Gas Company, a subsidiary of National Iranian Oil Company. Sungjin Geotec recognized revenues of approximately Won 27 billion in 2010, Won 240 billion in 2011 and Won 134 billion in 2012, and net profits of approximately Won 1 billion in 2010, Won 15 billion in 2011 and Won 25 billion in 2012 related to such activities. Sungjin Geotec has completed or terminated all of its remaining outstanding supply contracts to sell equipment for the development of natural gas fields in Iran, and it does not plan to engage in any sale of equipment in Iran related to the country’s development of petroleum resources in the future."

As of May 17, 2021, Iowa's Public Employee's Retirement System lists POSCO on its Iran Scrutinized Companies List.

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As of August 15, 2019, the state of Iowa listed POSCO on its Iran scrutinized companies list.

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"The latest development in the tug-of-war between Iran and Saudi Arabia has manifested in the kingdom blocking an investment deal by South Korea in Iran’s steel industry. South Korea’s POSCO Engineering & Construction had signed a $1.6 billion memorandum of agreement with the Iranian steelmaker, Pars Kohan Diar Parsian Steel (PKP), in May 2016, to build a steel mill incorporating POSCO’s proprietary technology in Iran’s Chabahar Free Trade-Industrial Zone." (January 23, 2018).

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POSCO is the parent company of Sungjin Geotec Co., LtdPOSCO, and Daewoo Internationalbsp;POSCO has an extensive American presence through its subsidiaries and joint ventures including POSCO America Corp., United Spiral Pipe LLCUSS-POSCO Industries

POSCO reportedly participating in the Iran Mines & Mining Industries Summit, being held in Tehran May 31-June 1, 2015. (IMIS Website, “List of companies participating in IMIS”)

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"Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) welcome cooperation with South Korean POSCO (Pohang Iron and Steel Company) in implementing new steel projects in southern Iran, deputy minister said Saturday... Deputy Industries, Mines and Commerce Minister and head of IMIDRO Mehdi Karbasian made the comment in a meeting with the visiting top manger of POSCO Jin Sik Choi, further elaborating that Iran-Korea cooperation in steel field will be along the southern coasts of Iran, including in Chabahar, Bandar Abbas and Asaluyeh... The top POSCO manager said that his multinational firm is ready to assist Iran in implementing its steep plants using the modern 'Finex' technology. Jin Sik Choi said that POSCO has recently assembled a steel plant with nominal annual production capacity of two million tons and before that a steel factory with annual 1.5 million ton production, both using the Finex technology." (IRNA, "Iran welcomes South Korean cooperation in steel projects," 1/31/15)

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"South Korea's POSCO has announced readiness to invest in Iran's steel projects, the Fars News Agency reported on March 15. A number of officials from POSCO met with officials from Iran's Mobarakeh Steel Company in the Iranian city of Isfahan. Korea's export-import companies are expected to benefit as the Obama administration issued a statement on January 20 that it would temporarily lift sanctions against Iran, according to Businesskorea website. South Korea regained the right to resume the export of automobile parts and steel and import of oil from Iran, which has historically been its major supplier…The steel industry is among the beneficiaries of the ease of sanctions. Sales of steel products totaled $373 million. The market share of steel products is also 24.3 percent, nearly a quarter of the whole market. Particularly, the demand for steel plates for automobiles is expected to rise, and overall, Iran's focus on manufacturing is expected to help to increase the general demand for steel as a whole.” (Trend, “South Korea’s POSCO ready to participate in Iran’s steel projects,” 3/15/14)

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"South Korean steelmaker POSCO , minority-owned by Warren Buffett's Berkshire Hathaway, has cut ties with government entities and sensitive industries in Iran such as energy and continues to trade with private firms, a letter showed... In a letter sent to U.S. pressure group United Against Nuclear Iran (UANI) dated Feb. 28 and seen by Reuters, POSCO, a top global steelmaker, said it had scaled down business  with Iran. 'Certain of POSCO's subsidiaries continue to engage in transactions in Iran,' POSCO's chief legal officer Song Se-Bin wrote in the letter. 'However, these transactions involve only the civil market. Moreover, these POSCO entities engage in transactions only with Iranian entities that POSCO believes, based on its best due diligence efforts, are not owned or controlled by the Iranian government.' Song said POSCO entities had 'completed, terminated or assigned all of their activities related to the sensitive sectors of the Iranian economy - the energy, defence and nuclear sectors.' 'Although these efforts have resulted in the loss of certain projects and substantial financial losses to the POSCO entities, POSCO believes it important that it be regarded as a responsible corporate citizen.' A targeted campaign by UANI, which includes former U.S. ambassadors as well as former CIA and British intelligence chiefs on its board, has led to several foreign companies in sectors including shipping to exit Iran. UANI, which is funded by private donations and backs tougher sanctions on Tehran, had called on POSCO to cease its Iran trade. UANI chief executive Mark Wallace said it appreciated the company had taken multiple steps to reduce its Iran business. 'We continue to call, however, for POSCO to fully end its business in Iran,' said Wallace, a former U.S. ambassador to the United Nations.  'Given the nature of the business, the only way for POSCO to eliminate its exposure to the Iranian regime and IRGC-controlled entities is to completely pull out of the country,' he said, referring to the Revolutionary Guards, which reports directly to Iran's Supreme Leader. POSCO, which is 5.1 percent owned by Berkshire Hathaway , is the world's No.5 steelmaker by output. Buffett's business partner Charlie Munger has frequently praised POSCO as being, in his opinion, the best-run steelmaker in the world. Buffett, via his assistant, could not be immediately reached for comment. When contacted about its Iran deals, POSCO spokeswoman Jiyoung Kim said: 'POSCO and its subsidiaries stopped trades with Iranian government and state-run Iranian companies.'POSCO will abide by the law regarding U.S. sanctions on Iran, and plans to actively cooperate with U.S. policies.'... POSCO's Song said in the letter it followed strict guidelines on trading with Iran which required written confirmation from the Korea Strategic Trade Institute, which is under Seoul's economy ministry, that any investment or trading did not directly or significantly contribute to enhancing Iran's oil capabilities or involve blacklisted entities or individuals. Song said POSCO personnel would 'face disciplinary action for non-compliance' if they did not adhere to its trading policies in Iran.  'POSCO shares UANI's goal of thwarting Iran's nuclear programme,' Song said." (Reuters, "S.Korean POSCO cuts back on Iran steel business," 3/12/2013)
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"We engage in limited business activities and investments relating to Sanctions Targets, including Iran, Myanmar and Sudan . . . Our subsidiaries also engage in limited business activities and investments relating to Sanctions Targets . . . We expect to continue operations and investments relating to countries targeted by United States and European Union economic sanctions." (SEC, "Form 20-F," 4/30/12)

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"We acquired a controlling interest in Sungjin Geotec Co., Ltd. (“Sungjin Geotec”), a manufacturer of specialized equipment used in the power and energy industries in May 2010, and we currently hold a 36.7% interest in the company. In recent years, Sungjin Geotec entered into contracts with various suppliers to supply equipment for the development of natural gas fields in Iran, including natural gas fields located in South Pars that is led by Pars Oil and Gas Company, a subsidiary of National Iranian Oil Company." (SEC, "Form 20-F," 4/30/12)

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"POSCO, a construction company in which we hold an 89.5% interest, engages in the planning, design and construction of industrial facilities in Iran."(SEC, "Form 20-F," 4/30/12)

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"Daewoo International, a global trading company in which we hold a 66.6% interest, engages in the trading of steel, raw materials and other items with Sanctions Targets, including Iran and Sudan."  (SEC, "Form 20-F," 4/30/12)

"So despite concerns over regulation and reputation, that opportunity explains the caravan of container carriers that started resuming service to Iran back in January. The Iranian port at Bandar Abbas now welcomes ships from Evergreen, Hyundai, OOCL, Hanjin, “K” Line, KMTC, X-Press, Yang Ming, and many more..." (Global Trade, "Transportation/Logistics:Iran is Back Open for Business," 11/1/2016).

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"Taiwanese lines Evergreen and Yang Ming Marine said they had pulled out, while Singapore's Pacific International Lines has also cut ties along with two top South Korean shipping firms." (Reuters, "Chinese Firms Drop Iran as Latest U.S. Sanctions Bite," 07/01/2013)

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On June 23, 2011, the U.S. Treasury Department sanctioned Tidewater Middle East Co. (“Tidewater”), Iran’s major port operator, because the IRGC owns it and uses it for illicit activities

including weapons shipments. (U.S. Department of the Treasury Press Center, “Treasury Sanctions Major Iranian Commercial Entities,” 6/23/11)  The EU followed with its own sanctions against Tidewater on January 23, 2012. (Official Journal or the European Union: Council Decision 2012/35/CFSP)

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Operates as a liner & feeder in Iranian ports.  (Ports and Maritime Organization: Shipping Lines which operating in Iranian Ports)

Uses Tidewater Middle East Co.’s private terminals in the Shahid Rajaee Port Complex. (Tidewater: Reflection of Tomorrow)

"Singapore shipping company Pacific International Lines (PIL) has ceased acceptance of cargoes in and out of Iran.

What is more, the shipping company has terminated all calls to Iran." (Offshore Energy, "PIL Terminates Vessel Calls to Iran due to US Sanctions," 10/15/18)

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"The Islamic Republic of Iran Shipping Line (IRISL) has penned a Memorandum of Understanding with Singapore-based counterpart Pacific International Lines (PIL), Iran’s Mehr News Agency reports. Under the MoU, the two countries laid the groundwork for collaboration in the field of maritime transport, including through establishment of feeder lines in South East Asia, Southern Asia, the Middle East, the Black Sea and other regions, along with cooperation in ship construction and technology transfer." (March 4, 2016).

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Operates as a liner in Iranian ports.  (Ports and Maritime Organization: Shipping Lines which operating in Iranian Ports)

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"Taiwanese lines Evergreen and Yang Ming Marine said they had pulled out, while Singapore's Pacific International Lines has also cut ties along with two top South Korean shipping firms." (Reuters, "Chinese Firms Drop Iran as Latest U.S. Sanctions Bite," 7/1/2013)

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Listed by the Iranian Ports and Maritime Organization as doing business with the Iranian company Delta.  (Ports & Maritime Organization: Companies Affairs Department: Liners)

As of July 1, 2021, Iplom is not identified by the US State of Mississippi as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.”

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On June 30, 2020, the Mississippi Department of Finance & Administration identified IPLOM as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.” 

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In 2017 and 2019 the U.S. state of Mississippi listed IPLOM on its Iran prohibited companies list rendering IPLOM ineligible for investment and/or state contracting.

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Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market. (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).

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“Iplom SpA, [has] reportedly signed long term contracts with the National Iranian Oil Company (NIOC) to purchase crude oil from Iran.” (PressTV, “Italians seal oil purchase deals with Iran,” 6/23/2016).

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"Other oil companies in the Mediterranean including Spain's Cepsa and three other Italian oil firms, ERG, Iplom and Saras have planned to take their last cargoes from Iran in June, other market sources said." (Reuters, "Eni suspends Iran's debt payments in oil," 5/31/2012)

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Iplom imported 30,000 barrels of Iranian crude per day in both March and April of 2012. (Reuters, "Europe's Buyers Trim Iranian Oil Imports in April," 4/18/12)