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Thread: Chemical Giant Ends Iran Deals After CNBC Report

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    Ahlevah's Avatar
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    Chemical Giant Ends Iran Deals After CNBC Report

    In a press release sent to Congressional leaders including Howard Berman, the Chairman of the US House Committee on Foreign Affairs, Joseph Lieberman, the Chairman of the Senate Committee on Homeland Security & Governmental Affairs, and Christopher Dodd, the Chairman of the Senate Banking Committee, Transammonia's Swiss subsidiary said it will not enter into new contracts with Iranian companies and wind down its business with Iran "as soon as possible."

    The news came following a recent CNBC investigation revealing Transammonia's connection to the country. Although U.S. companies are prohibited by the Treasury Department from engaging in business transactions with Iran, CNBC reported last week that the Transammonia subsidiary—100% owned by Transammonia in the United States—purchases ammonia from Iran.

    News Headlines
    Transammonia is owned by New York industrialist Ronald P. Stanton, who's been prominent in Jewish philanthropy and just a few years ago announced a $100 million gift to Yeshiva University. He has an interesting set of priorities: Give money to educate Jewish kids, but trade with a country headed by a president who's stated publicly the view that Israel should be destroyed. As the CNBC article noted, ammonia is used in explosives, including the roadside bombs that have maimed and killed many of our soldiers in Iraq and Afghanistan.
    Last edited by Ahlevah; 12-14-10 at 10:48 AM.
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