Monday, November 26, 2012

Hewlett-Packard Company (NYSE:HPQ): Never Sold Products Knowingly To Syria

Hewlett-Packard Company(NYSE:HPQ) has sent a letter to US Securities and Exchange Commission, saying that it has determined its products were acquired from partner that was not notified that their final destination was Syria.

HP was replying to a letter that was sent to it on 6th September from the SEC asking to comment on news reports in November of 2011 that its equipment was reportedly installed in Syria by an Italian company, Area as part of a countrywide inspection and tracking system made to monitor people, as per documents made public the previous week.

The US government has forced several economic sanctions on Syria, which include controls on the export of the majority of US products to the nation.

In a letter that was dated 9th October to Cecilia Blye at the Global Security of SEC, HP said that it has come to the conclusion that Area did not acquire the HP products that were believed to have been sold into Syria directly from HP. They were instead procured from a partner of HP that was not notified of the final destination for those products.

Area was bound under the terms and conditions of its agreement with HP to follow all the applicable export laws and was precisely prohibited from selling HP’s products into sanctioned nations, as per David K. Ritenour, vice president and associate general counsel of HP. The company has terminated its agreement with Area earlier this year.

Ritenour said that it was in June of 2009 when Hp had acquired an export license from the Bureau of Industry and Security of the US Department of Commerce for the sale of HP products that were valued at US$1 million to MTN Syria, which happens to be a private telecommunications company.

He also wrote that HP has not directly or indirectly and willingly delivered its products and services in Syria or Iran since 21st April of 2009. 

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