The Hindu : Business : U.S. co. fined for releasing prohibited technology

Online edition of India's National Newspaper
Thursday, Aug 14, 2008
ePaper | Mobile/PDA Version

Business

Business

U.S. co. fined for releasing prohibited technology

WASHINGTON: A U.S. based company has agreed to pay $126,000 in penalty to settle allegations of eight unlicensed deemed exports to foreign nationals from India and Italy in violation of trade regulations.

Ingersoll Machine Tools (IMT) of Rockford, Illinois, has agreed to pay a penalty for releasing production and development technology for five axis milling machines and production technologies to the nationals of the two countries between 2003 and January 2007, Bureau of Industry and Security (BIS), Department of Commerce officials said.

The technology was controlled for National Security and Missile Technology reasons to both Italy and India. In addition, the technology was restricted to India for nuclear non-proliferation reasons.

“Companies that employ foreign nationals must be mindful of the need to comply with the Export Administration Regulations as they relate to the release of technology or source code to foreign nationals,” Darryl W Jackson, Assistant Secretary of Commerce for Export Enforcement, said in a statement. The Agency of the Commerce Department has not named the Indian nationals involved in the citation. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business