British American Tobacco is to pay $635 million, plus interest, to US authorities after admitting it violated sanctions by selling cigarettes to North Korea.
US authorities said the settlement relates to BAT’s activities in North Korea between 2007 and 2017, and the company’s chief executive, Jack Bowles, said they “deeply regret the misconduct”, reports the BBC.
The settlement was reached today by BAT, the US Department of Justice and the US Treasury Department’s Office of Foreign Assets Control.
BAT is one of the world‘s largest tobacco multinationals and one of the 10 largest companies in the UK, and owns a number of well-known brands, including Laki Strejka, Danhila and Pal Mala.
The US has imposed tough sanctions on North Korea over its nuclear activities and ballistic missile tests.
Last year, the US tried to persuade the UN Security Council to completely ban tobacco exports to North Korea, but Russia and China blocked it with vetoes.
(FoNet)