According to information received from a top German insurance and credit compliance agency, a German insurance company, Euler Hermes has been providing (since 2017) credit (LC) to European firms wishing to trade with Iran, through a specific Iranian bank.
The information provides a clear picture of a very close commercial and business cooperation between Euler Hermes and the sanctioned Iranian “bank of Industry and Mine” which acts as the business counterpart for Euler Hermes and its European clients wishing to trade and maintain business activity in Iran.
Moreover, our source stated the fact Euler Hermes board receives “extra fees” (bribe) meant to compensate for the very high risk of trading with Iran, in light of the U.S. sanctions implemented on the country and its economic and business environment extremely high risks.
In effect, these extra payments are being transferred by Mr. Behnam Khatami via his former law firm Atieh associates operating from Tehran and Mr. Naser Anzalichi a senior associate at Top EMC – a trade management and market research company located in Tabriz, Iran.
These Gentlemen are being provided with cash, directly by the Iranian bank in order to be handed over to Euler Hermes’s board representative which travels to Teheran on regular bases.
In addition, according to our source, Euler Hermes aims to take a major role in supporting the development of the INSTEX mechanism which will presumably enable European SME’s to trade with Iran despite U.S. sanctions.
The above mentioned information suggests that a major insurance group in Germany (Euler Hermes) assists Iranian designated entities to bypass U.S. sanctions while at the same time gain profit from their U.S. business activity and operations. Euler Hermes is being traded on the New York stock exchange (NASDAQ) – a very contradicting and absurd reality.