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Canonical ID: ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d · Entity type: Company (reference)
| Property | Value | Lang | Source dataset | Source ID | First seen | ||
|---|---|---|---|---|---|---|---|
Company:country | ie | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:id | a28e7862fc0897adee834078b14f4227c5bb9813 | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:name | Medtronic PLC | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:notes | According to its Annual Report filed with the SEC in 2013: "As of October 9, 2012, all of Medtronic's business dealings with Iran (including business conducted by non-U.S. affiliates) have been conducted pursuant to general or specific licenses issued by the U.S. Treasury Department's Office of Foreign Assets Controls (OFAC). Medtronic and its affiliates plan to continue their existing activities and operations with Iran in accordance with such general or specific licenses. (https://www.sec.gov/Archives/edgar/data/64670/000006467013000006/mdt-2013426x10k.htm) | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:notes | According to its Annual Report filed with the SEC in 2015: "As part of its ongoing compliance program, the Company identified certain sales of medical devices made during fiscal year 2015 by one of its non-U.S. affiliated entities to parties in Iran that were not covered by a general license issued by the U.S. Treasury Department's Office of Foreign Assets Controls ("OFAC"). Those sales, which were generally conducted through distributors, whose customers include public hospitals which may be owned or controlled directly or indirectly by the Iranian government, resulted in approximately $4 million in gross revenues and approximately $3 million in net profits (excluding selling, general, and administrative expenses and allocations) in fiscal year 2015. At the time of these sales, the Company believed, based on correspondence received from OFAC in response to a request to renew the specific licenses the Company had to cover these sales, that the sales were eligible for an OFAC general license. The Company subsequently obtained the specific licenses required for these continued sales. The Company has also submitted an initial notification of voluntary self-disclosure regarding this matter to OFAC." (https://www.sec.gov/Archives/edgar/data/1613103/000161310315000028/mdt-2015424x10k.htm) | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:notes | In October 2012, the U.S. sanctions against Iran were extended to entities owned or controlled by U.S. persons. Prior to such time, it was permissible under U.S. law for independent non-U.S. subsidiaries of U.S. companies to engage in sales to Iranian customers under certain limited circumstances without the need for OFAC authorization. In accordance with these requirements, and without the involvement of U.S. persons, certain of Medtronic's non‑U.S. subsidiaries engaged in lawful sales to Iran during the first two quarters of fiscal year 2013 from its CRDM, Coronary, Structural Heart, Endovascular, Spine, Neuromodulation, Diabetes, and Surgical Technologies businesses. Other sales to or for Iranian customers during the first two quarters of fiscal year 2013 wereundertaken pursuant to specific licenses issued by OFAC. The Iranian sales were generally conducted through distributors, some of whose customers included public hospitals which may be owned or controlled directly or indirectly by the Iranian government. Certain of these sales were also made to a non-governmental entity which sells to the Iranian Ministry of Health. All activities by the Company and its non-U.S. subsidiaries with entities in Iran, including certain governmental entities, in the first two quarters of fiscal year 2013 resulted in approximately $25 million in gross revenue and approximately $16 million in net profits (excluding selling, general, and administrative expenses and allocations)." | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:notes | Over the last three presidential administrations, the United States government has granted Medtronic Inc. 28 special licenses to do business in Iran. (New York Times, "Companies with Permission to Bypass Sanctions," 12/24/10) (http://www.nytimes.com/interactive/2010/12/24/world/24-sanctions-list.html) | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:sector | Medical* | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:sourceUrl | https://www.unitedagainstnucleariran.com/company/medtronic-plc | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:ticker | NYSE:MDT | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:topics | export.risk | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||
Company:website | http://www.medtronic.com/ | ir_uani_business_registry | ir-br-co-18475e6d2d7b41e85165d7915e6d99a02300647d | ||||