- Nov 2005
- Richmond Va
Koch Industries made secret sale to Iran
I guess greed has no allegiance.Koch Industries, the company controlled by GOP mega-donors Charles and David Koch, sold millions of dollars of petrochemical equipment to Iran in an end-run around a trade ban and cheated the government out of nearly 2 million barrels of oil from federal lands, according to a blockbuster report in the November issue of Bloomberg Markets magazine.
The company has also been involved in improper payments to win business in Africa, India and the Middle East, the Bloomberg report says.
It says internal company documents show the company made petrochemical equipment sales to Iran through foreign subsidiaries, thwarting a U.S. trade ban. The company also repeatedly ran afoul of environmental regulations, resulting in five criminal convictions since 1999 in the U.S. and Canada.
Koch Industries units have also rigged prices with competitors and lied to regulators, according to Bloomberg Markets magazine’s investigative report. It took 14 reporters from around the globe six months to put the story together.
The company, the report suggests, is obsessed with secrecy, to the point that it discloses only an approximation of its annual revenue -- $100 billion a year -- and says nothing about its profits.