DHL Penalized for Iran and Sudan

http://www.futureofcapitalism.com/2009/08/dhl-penalized-for-iran-and-sudan

The shipping company DHL will pay a $9.4 million penalty for violating American law by shipping more than 300 packages to Iran and Sudan without proper records, the Treasury Department announced today. This is interesting on a number of levels, but the one that concerns us here is the way in which people have a way of just getting used to, or forgetting, that certain companies are government-owned. Neither the Treasury Department press release nor the stories on the Web sites of the Wall Street Journal or the New York Times mention that Deutsche Post DHL is 30.5% owned by KfW Bankengruppe, which exists "under the ownership of the Federal Republic" and the federal states "to encourage sustainable improvement in economic, social, ecological living and business conditions, among others in the areas of small and medium-sized enterprise, entrepreneurialship, environmental protection, housing, infrastructure, education finance, project and export finance, and development cooperation." Nothing like a little government-backed "entrepreneurialship" to get those packages to Iran and Sudan.

by Editor  |  Aug 6, 2009 at 4:41 pm Related Topics:  Corporate Governance receive the latest by email: subscribe to the free futureofcapitalism.com mailing list