SEC WANTS TO KNOW WHY HP IS STILL SELLING PRODUCT IN IRAN ?

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SEC WANTS TO KNOW WHY HP IS STILL SELLING PRODUCT IN IRAN ?

 user 2009-08-19 at 11:17:13 am Views: 114
  • #22376

    http://money.cnn.com/news/newsfeeds/articles/djf500/200908172007DOWJONESDJONLINE000311_FORTUNE5.htm
    HP Queried By SEC On Exports To Iran, Syria
    SAN
    FRANCISCO — The U.S. Securities and Exchange Commission recently
    queried Hewlett-Packard Co.  about sales of its products in Iran and
    Syria, part of what appears to be a broader inquiry of companies doing
    business in countries whose governments the U.S. deems to sponsor
    terrorism.The SEC asked Hewlett-Packard to describe sales of its
    products in the countries in a questionnaire sent the Palo Alto,
    Calif., company dated Feb. 10, according to correspondence the agency
    released Monday. The watchdog also asked about H-P’s business in Sudan.

    In
    a nine-page response dated March 12, H-P told regulators it conducted
    its sales in Iran through a European subsidiary, and limited products
    to those authorized for redistribution into Iran under U.S.
    regulations. It also said it had received 14 U.S. Department of
    Commerce licenses over the last five years to sell computers, software
    and related equipment for use by Syrian telecommunications companies.

    News
    of the inquiry come as the SEC makes public documents sent to other
    companies, in which it seeks information about their business in
    countries that have troubled relationships with the U.S. Both Advanced
    Micro Devices Inc. (AMD) and Intel Corp. (INTC) were queried about
    their business ties with a range of countries. Both companies have said
    their practices comply with U.S. trade law.

    The U.S. considers
    Iran, Syria, Sudan and Cuba to be state sponsors of terrorism,
    according to the U.S. State Department Web site. As a result, the
    nations are subject to various embargoes and restrictions, including a
    ban on defense exports and U.S. foreign assistance.An H-P spokeswoman
    termed the correspondence “routine.” In a statement, the company said,
    “H-P believes that it has fully complied with the staff’s inquiry.”

    An
    SEC spokesperson declined to comment on the situation. However, release
    of documents of this nature usually indicates an inquiry has been
    completed.The inquiry included a request for information on sales of
    printers and printer supplies in Iran. The sales were conducted by
    H-P’s Dutch subsidiary Hewlett-Packard Europe, B.V., H-P said. The
    company provided products to United Arab Emirates-based distributors
    Redington Gulf FZE, Almasa IT Distribution FCZO and Emitac Distribution
    LLC, according to H-P.

    A branch of the Dutch subsidiary has
    since “taken steps to terminate existing agreements” with Redington
    Gulf, as well as some other distributors, “insofar as they may involve
    redistribution of such printers and printer supplies into Iran, ” H-P
    told the regulators.In the documents, the company didn’t say why the
    business arrangement had ended. Total printer sales and supplies
    revenue in Iran amounted to $120 million in fiscal 2008, less than a
    percent of the company’s global printer and toner sales.H-P said it had
    no agreements or contacts with the governments of Iran, Syria or the
    Sudan.On a day of broad losses, H-P shares fell 2.2% to $43.11 Monday.