LINKS between eight Isle of Man companies and an Iranian shipping line alleged to be involved in carrying cargoes of military arms are “in the process of being terminated”, according to the Manx government.
The government issued a brief statement last night to say that it was “fully aware” of the allegations against the eight companies.
The eight Manx-registered companies are said to be fronts for the Islamic Republic of Iran Shipping Lines. The US authorities also say there is a connection with Bank Mellat which is already under sanctions for alleged support of Iran's nuclear and ballistic missile programmes.
As a result, the US issued sanctions against the companies which freeze any assets the companies may have in US jurisdictions and bar them from any dealings in the US financial system.
In total, nearly 80 different companies have been sanctioned for their links with the Islamic Republic of Iran Shipping Line which is accused of carrying military cargoes.
The Manx shipping firms use the names Ashtead, Byfleet, Cobham, Dorking, Effingham, Farnham, Gomshall and Horsham. Also designated were Pearl Energy Co. and its subsidiary, Switzerland-based Pearl Energy Services, which the US Treasury said were formed by a subsidiary of Bank Mellat.
The matter first came to light following a BBC Radio 4 investigation in July which suggested that Iran had side-stepped the international arms embargo on Iran by setting up Manx companies to register ships for its fleet.
In a statement issued last night, a Manx government spokesman said, “The Isle of Man Government is fully aware of the connections between a number of Isle of Man companies and the Islamic Republic of Iran Shipping Lines (IRISL).
“It has been keeping a close watch on these relationships for some time to ensure that the Island continues to comply with its international responsibilities, including compliance with UN and EU sanctions which apply to the Isle of Man as they do to the UK. The latest US sanctions are not legally binding outside the USA.
“It is understood that the relationships between the Isle of Man companies and IRISL are in the process of being terminated and that this will be confirmed in due course.”
Article amended 3.50pm 6 December 2010
