Sojitz controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
Sojitz Hong Kong settles US sanctions allegations
Settlement
Sojitz’s Hong Kong subsidiary agreed to pay US$5.2 million to settle OFAC allegations that it routed payments for Iranian-origin goods through US financial institutions in violation of sanctions. OFAC deemed the violations non-egregious.
Company response
Personnel action — Sojitz
The company fired the employees involved
Remediation — Sojitz
and enhanced its sanctions compliance programme
Ongoing disclosure — Sojitz
We are continually improving our policies and procedures to comply with relevant laws and regulations, including those with respect to sanctions.
Source excerpt
OFAC deemed the violations “non-egregious” and afforded the firm a steep discount on a possible maximum penalty of US$151mn.
A settlement notice published by OFAC on January 11 says that “employees acting contrary to companywide policies and procedures” purchased 64,000 tonnes of Iranian HDPE from an unnamed supplier in Thailand, which were then shipped to Sojitz’s buyers in China.
A settlement notice published by OFAC on January 11 says that “employees acting contrary to companywide policies and procedures” purchased 64,000 tons of Iranian HDPE from an unnamed supplier in Thailand, which were then shipped to Sojitz’s buyers in China.
1979
Nissho Iwai aircraft procurement bribery scandal
Before the formation of Sojitz, Nissho Iwai was implicated in passing a 500 million yen payment from McDonnell Douglas to a senior Japanese Defense Agency official in an effort to influence the proposed sale of F-4 Phantom aircraft to Japan's Air Self-Defense Force. The episode damaged the predecessor company's reputation and occurred several years after the Lockheed-related scandal involving Marubeni and Prime Minister Kakuei Tanaka.