August 10, 2020

US technology company discloses OFAC investigation of foreign subsidiary

On August 4, 2020, Harmonic Inc., a California-based technology company, disclosed in a securities filing that it had received an administrative subpoena from the US Treasury Department’s Office of Foreign Assets Control in March 2020 regarding transactions involving Iran and a French company acquired by the company in 2016.  According to Harmonic’s Form 10-Q, regulations in place until 2018 allowed the French subsidiary, Thomson Video Networks, to engage in transactions with Iran, provided certain requirements were met.  Harmonic noted that it is cooperating with OFAC in the investigation.  

Form 10-Q