Elsim

Status:
Risk Alert – Entity in a problematic sector – Sector controlled by the Top Alert entities

Info:
Elsim is a Turkish company which is 100% owned by Kollmorgen Corp;

Controlled by Evren Kayakiran, (OFAC designated) who directed Elsim a foreign subsidiary of a U.S. company Kollmorgen Corp. to violate U.S. sanctions against Iran and then attempted to conceal those violations;

Kayakiran was the managing director of a Elsim that imports, distributes, and installs motion control products. In March 2013, a U.S. company Kollmorgen Corp. acquired the Turkish Company, thereby making the latter subject to the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR);

Kayakiran — in his role as the managing director of the Turkish Company — directed employees to service machinery located in Iran. Employees were threatened with termination if they refused to travel to Iran to provide the services, and upon returning from the trips, employees were directed to falsify corporate records by listing the travel as vacation rather than business. Kayakiran also regularly and fraudulently certified to the U.S. Company that no products or services were being sent to Iran;

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $13,381 settlement with Kollmorgen Corporation (“Kollmorgen”) of Radford, Virginia. Kollmorgen has agreed to settle potential civil liability on behalf of its Turkish affiliate Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi (“Elsim”) for six apparent violations of Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR). The apparent violations involved Elsim dispatching employees to Iran to service machines and providing other services to Iran in violation of ITSR § 560.215. OFAC determined that Kollmorgen voluntarily self-disclosed the apparent violations on behalf of Elsim and that the apparent violations constitute a non-egregious case;

Also Known As:
Elsim Elektroteknik Sistemler Sanayi ve Ticaret Anonim Sirketi

Established:
1992

Country:
Turkey

Address:
Kat.5 No:9 Huzur Mahallesi Fazil Kaftanoglu Caddesi Seyrantepe Sariyer Istanbul;
Marmara; Postal Code: 34485

Website:
www.elsim.com

E-mail:
info@elsim.com

Reason for the color:
» Evren Kayakiran is added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on February 7, 2019 pursuant to Executive Order 13608, which targets efforts by foreign persons to engage in activities intended to evade U.S. economic and financial sanctions with respect to Iran and Syria;

You May Be Interested