Posted by Source:
April 5, 2010
KPMG is the latest major company to cease operations in Iran over the looming threat of Congressional sanctions.
KPMG, the global professional services provider, has severed its links with its Iranian member firm, citing “serious and escalating concerns” about the conduct of the Tehran government, the reported Friday. The announcement came three weeks after the advocacy group United Against Nuclear Iran (UANI) accused KPMG of “supporting this brutal regime and its illegal actions.” Tom Wethered, KPMG International’s general counsel, wrote to UANI on Thursday that the accountancy network had terminated the membership of Bayat Rayan, one of Iran’s biggest accountants. The threat of targeting by UANI, coupled with impending Congressional sanctions legislation that would bar companies dealing with Iran from receiving U.S. federal contracts, has prompted a number of large companies to sever their Iran ties.