Export Privileges Denied to Iranian Co.
The U.S. Bureau of Industry and Security (BIS) issued an order temporarily denying export privileges to the Islamic Republic of Iran Shipping Lines, as well as two related companies. The order relies on evidence that the parties are about to engage in conduct prohibited by the Export Administration Regulations by re-exporting US-origin items. Specifically, it appears that the parties are planning to re-export from South Africa a Bladerunner 51 powerboat, known as the Bradstone Challenger, for use by the Iranian Revolutionary Guard Corps. Under the Order, no person subject to the jurisdiction of the United States may take any action that facilitates this re-exportation. 74 Fed. Reg. 6265 (February 6, 2009).
(Source: Holland & Knight)