Resource Center

 Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Zoltek Companies, Inc.

 
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $7,772,102 settlement with Zoltek Companies, Inc. (“Zoltek”) and its subsidiaries worldwide.  Zoltek — a holding company headquartered in Bridgeton, Missouri, and the owner of Zoltek Corporation (“Zoltek U.S.”), located in the United States, and Zoltek Vegyipari ZRT (“Zoltek ZRT”), located in Hungary — has agreed to settle its potential civil liability for 26 apparent violations of the Belarus Sanctions Regulations, 31 C.F.R. part 548 (BSR).  The apparent violations involve Zoltek U.S. approving 26 purchases of acrylonitrile — a chemical used in the production of carbon fiber — between Zoltek ZRT and J.S.C. Naftan (“Naftan”), a Belarusian entity OFAC designated on August 11, 2011 pursuant to Executive Order 13405 of June 16, 2006, “Blocking Property of Certain Persons Undermining Democratic Processes or Institutions in Belarus,” and identified on OFAC’s List of Specially Designated Nationals and Blocked Persons (the “SDN List”), in apparent violation of § 548.201 of the BSR.  OFAC determined that Zoltek and Zoltek U.S. voluntarily self-disclosed the apparent violations and that the apparent violations that occurred prior to February 2015 constitute a non-egregious case, and that the apparent violations that occurred after February 2015 constitute an egregious case.
 
For more information, please visit the following web notice.
Last Updated: 12/20/2018 10:31 AM