Indictment Says Banned Materials Sold to Iran

An indictment was released in New York today against the Chinese Limmt Economic and Trade Company. From 2006-2008, this Chinese company was engaged in illegal transfers of tungsten, high-strength steels and exotic metals to the Defense Industries Organization, a branch of the Iranian Ministry of Defense. The selling of these items to Iran is prohibited by UN sanctions. Due to this indictment, both the Defense Industries Organization and the Limmt company are now banned from conducting business with the US Treasury Dept.

It is discouraging that Iran is able to procure materials for nuclear missiles even under the guise of watchful world leaders and UN sanctions. This case highlights the need for better regulation and transparency of the global financial system; the last thing the world wants is for Iran to develop nuclear capabilities.