A Vietnamese alcohol company has been fined $860,000 by the Office of Foreign Assets Control (OFAC) for conducting business with North Korea through American financial institutions.
On Friday, OFAC revealed a report accusing Vietnam Beverage Company Limited of generating over $1 million in sales from beer and spirits exports to North Korea between January 2016 and September 2018. The company allegedly issued nearly 50 invoices to entities owned by North Koreans. Payments were processed in U.S. dollars via third-party intermediaries located in Hong Kong, China, Turkey, Singapore, and the Seychelles.
Vietnam Beverage Co. is owned by Thai billionaire Charoen Sirivadhanabhakdi, who acquired a controlling stake in Sabeco Brewery in 2017. Sabeco is known for popular brands such as Saigon Special, Saigon Lager, Beer 333, and Lac Viet Beer, and is the largest beer manufacturer in Vietnam, generating over $1 billion annually.
Officials did not specify which brands from Vietnam Beverage Co. were exported to North Korea. The situation reportedly escalated after company executives voluntarily disclosed the dealings to the U.S. government. The export of goods, services, and technology to North Korea has been largely illegal since the 1950s.
While the company faced a maximum fine of $1.7 million per violation, it was ordered to pay $860,000 due to its cooperation with authorities and its lack of prior penalties.
You Might Be Interested In:
- Top 5 Food Pairings for Pinot Noir Well
- How Many Carbs Are in a Bottle of Sauvignon Blanc?
- How Many Calories Are in Pinot Noir Red Wine?
