US Animal Health and Wellness Company Discloses Potential Sanctions Violations
An American animal pharmaceutical company may have violated U.S. sanctions after acquiring a company that illegally sold goods to Iran, Zoetis disclosed in a Feb. 16 Securities and Exchange Commission filing. Zoetis said it acquired Platinum Performance in August 2019…
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and soon discovered that Platinum had sold food, medicine or “devices” to people or entities with ties to Iran, adding that the sales were not approved by a Treasury Department general license. Zoetis submitted an initial voluntary disclosure to the Office of Foreign Assets Control in February 2020 while it conducted an internal investigation, and in December 2020 submitted a final disclosure to both OFAC and the Justice Department. The agencies have said they don't comment on ongoing investigations.