Comment: Anyone check to see if Barney Frank or Chris Dodd wrote some waiver language into the TARP authorization to give LIMMT a little break on this awkward business?
Chinese Firm Indicted for Misusing Banks, Aiding Iran
By Karen Freifeld
Excerpt: April 7 (Bloomberg) -- A Chinese company that supplies banned weapons to Iran and its manager were charged with concealing the company’s identity from U.S. banks, Manhattan District Attorney Robert Morgenthau said.
Morgenthau announced a 118-count indictment today against LIMMT Economic and Trade Company Ltd., and Li Fang Wei, commercial manager at the Dalian, China-based company.
LIMMT was sanctioned in 2006 by the U.S. Department of the Treasury’s Office of Foreign Assets Control for providing material support for Iran’s missile program. However, between November 2006 and September 2008, Morgenthau said, LIMMT sent and received dozens of illegal payments through U.S. banks by using aliases and shell companies. He said that because LMMT was prohibited from dealing with U.S. banks, transfers in its name would have been banned.Sphere: Related Content
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