US blacklists Turkish company!

Kimpaş Kimya has been added to the list by the US over accusations of illegal trade as part of sanctions against Iran. It is being discussed that the US sanctions could disrupt the company's international operations.

Don't leave your news choices to an algorithm - decide for yourself what you read. Add 12punto to your preferred sources!

The US Department of State has announced sanctions targeting a nearly 500 million dollar oil smuggling network that funds Iran's “destabilizing activities” under the Donald Trump administration. In the decision announced by Secretary Marco Rubio, five United Arab Emirates-based companies, a Turkish petrochemical supplier, an Iranian cargo company, and two ships were added to the list.

It was stated that the sanctions aim to halt smuggling activities that allegedly support Iran's nuclear program and provide funding to groups such as Hamas, Hezbollah, and the Houthi rebels in Yemen.

ACCUSED OF IMPORTING 15 MILLION DOLLARS WORTH OF ILLEGAL GOODS

According to the report by Kerim Ülker from Dünya, Kimpaş, which draws attention on the sanctions list, is accused of importing 15 million dollars worth of illegal goods from Iranian petrochemical companies.

It was alleged that the UAE-based Solvent Organics FZE, which is on the same list, exported 300 million dollars, and Alseerah Trading LLC exported 150 million dollars worth of Iranian-origin petrochemical products.

MADE A NAME FOR ITSELF WITH TENDERS WON FROM TMSF

Founded in 1982 by chemical engineer Lütfi Abay and operating under Abay Holding, Kimpaş produces powder polyethylene at its 6 thousand square meter facility in the Gebze Plastic Organized Industrial Zone. Growing through the trade of plastic and chemical raw materials, the company entered the Fortune Turkey list in 2017 at the 348th spot with a turnover of 640 million liras, and drew attention in 2021 by increasing its turnover to 3 billion liras.

Kimpaş made a name for itself with the tenders it won from the TMSF (Savings Deposit Insurance Fund). The company, which purchased Naksan Plastik—seized as part of the FETÖ investigation—with a bid of 1.4 billion liras in 2021, incorporated Naksan, which has a 150 thousand square meter production facility. Furthermore, by purchasing Royal Halı, which belonged to Naksan Holding, from the TMSF for 121 million liras, it became the owner of the Royal Halı, Pierre Cardin Halı, Atlas Halı, Studio Halı, and Nakpilsa brands.

The US sanctions are considered the first major obstacle Kimpaş has faced internationally during this rapid growth process.

News Source: 12punto