The London-based cigarette maker said it is cooperating with the Justice Department and the Treasury Department’s Office of Foreign Assets Control
By Mengqi Sun April 15, 2020 7:42 pm ET British American Tobacco PLC is under investigation by U.S. authorities for a possible breach of sanctions, the company said.
Newsletter Sign-up Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.British American Tobacco added that while it couldn’t assess “the potential for fines, penalties or other consequences” they might be “material.” A company spokesperson declined to comment beyond the filing.
“We take allegations of sanctionable conduct seriously but cannot comment on any investigations, including to confirm whether or not one exists,” an OFAC spokesman said in an email. A spokesman for the Justice Department declined to comment. British American Tobacco operates in a number of countries that are subject to various sanctions, including Cuba and through a non-U.S. subsidiary, Iran. The U.S. has sanctions restrictions against both Cuba and Iran.The company previously disclosed a continuing investigation by the U.K.’s Serious Fraud Office for alleged corruption, the company said in its annual report.
British American Tobacco said it is investigating allegations of misconduct through external legal advisers and is cooperating with the SFO’s investigation.Write to Mengqi Sun at [email protected]
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