Israel company sanctioned by US for ties to Iran

The Ofer Brothers group is facing US sanctions, for its part in transaction that sold a tanker tanker valued at US$8.65 million to the Islamic Republic of Iran Shipping Lines- IRISL
 
 
US Secretary of State Hillary Clinton announced last week sanctions on seven international companies due to their unsavory ties to Iran’s energy sector. Among the companies sanctioned there is a company based in Israel -the Ofer Brothers Group.
 
 
The Ofer Brothers group was identified by the US Department of Stateas one of seven companies facing US sanctions, for its part in a September 2010 transaction that sold a tanker valued at US$8.65 million to the Islamic Republic of Iran Shipping Lines - IRISL.
 
The sanctioned companies include PCCI (Jersey/Iran), Royal Oyster Group (UAE), Speedy Ship (UAE/Iran), Tanker Pacific (Singapore), Associated Shipbroking (Monaco) and Petrףleos de Venezuela.
 
According to information released by the State Department, the Ofer Brothers Group, together with its subsidiary Singapore based Tanker Pacific, “failed to exercise due diligence and did not heed publicly available and easily obtainable information that would have indicated that they were dealing with IRISL.
 
Local Israeli news media reported that the tanker eventually ended up in the hands of Crystal Shipping, a company based in the United Arab Emirates, and that from there it went to Iran.
The Tel Aviv-based Ofer Group, founded by the brothers Sammy and Yuli Ofer in 1956, is a multibillion-dollar global holdings group.The company is a family owned business that owns Zim Integrated Shipping Services, one of the world’s largest shipping company; a majority of the Israel Corporation, the country’s largest holding company; and more.
 
The company said it had taken “all appropriate action” at the time of the transaction to ensure that the parties involved were not connected with Iran. Media adviser of the Ofer Brothers Group, described the allegations as a misunderstanding.