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3 Companies Penalized
For Boycott Allegations
ASHINGTON (JTA) -
The Commerce Depart-
ment has handed down
civil penalties to three
companies for allegedly violating
U.S. provisions dealing with the
Arab boycott of Israel, according
to John Despres, assistant secre-
tary for export enforcement.
Although the three companies
- Chemical Bank of New York,
Bank America•International of
San Francisco and Cedars Mo-
tors of Miami - agreed to pay the
civil penalties, they did not admit
nor deny the alleged violations,
according to a Commerce De-
partment statement.
The Commerce Department
alleged that in 1988 and 1989,
Manufacturers Hanover Trust
Company, which merged with
Chemical Bank in 1992, provid-
ed Saudi Arabia with information
regarding an individual's busi-
ness relationship with blacklist-
ed companies and required
another person to refuse to do
business with blacklisted com-
panies.
According to the Export Ad-
ministration Act and Regula-
tions, American individuals and
companies are prohibited from
giving information about their or
any other companies' business re-
lationship with or in a boycotted
country or companies that are
known or believed to be black-
listed.
In another case, the Commerce
Department alleged that Chem-
ical Bank gave information to
Kuwait regarding business rela-
W
tionships with three U.S. com-
panies.
The Commerce Department
fined Chemical Bank a total of
$44,000 for its alleged activities.
Bank America International,
as successor in interest to Secu-
rity Pacific International, was
fined $18,000 for alleged anti-boy-
cott violations committed by Se-
curity Pacific.
The Commerce Department
alleged that Security Pacific im-
plemented letters of credit that
contained a condition restricting
negotiation of the credit to banks
permitted to transact business
with Arab countries.
The companies did
not admit nor deny
the alleged
violations.
In the third case, Cedars Mo-
tors, a car dealership, was fined
$20,000 for allegedly failing to re-
port - on 10 occasions between
October 1988 and August 1991
- receipt of boycott- related re-
quests.
The Commerce Department
also alleged that Chemical Bank
and Bank America Internation-
al failed to report to the depart-
ment their receipt of
boycott-related requests, which
is required under the Export Ad-
ministration Act and Regula-
tions.
❑
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
Symbol
SCIXF
ECILF
TEVIY
I EC
ELBTF
ELT
ELRNF
TAD
CMVT
LANTF
I SL
Name
Scitex
ECI Telecom
Teva Pharm
PEC Israel
Elba Computers
Elscint LTD
Elron Electronics
Tadiran
Comverse
Lannet Data
First Israel Fund
Exchange
NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ
NYSE
NASDAQ
NYSE
NASDAQ
NASDAQ
NYSE
Aug.12
'19.38
'16.88
'27.94
'27.00
'26.25
'2.63
'11.88
'19.00
'10.31
'9.503
'14.13
Aug.19
'19.00
'17.00
$26.13
'25.50
'22.88
'2.25
'9.88
'16.13
'9.75
'8.38
'13.50
Change
-$0.38
+s0.13
-$1.82
-$2.88
-$0.63
Source: Allen Olender, Prudential Securities,
West Bloomfield.