By Houston Business Journal

Agar Corp. Inc. has reached a settlement over allegations involving the company's unlicensed export of metering equipment to its affiliate in Venezuela with knowledge that the equipment would be incorporated into items sent to Sudan.

The Houston-based manufacturer of specialized flow metering equipment for the energy industry has agreed to pay $860,000 to the Office of Foreign Assets Control, overseen by the U.S. Treasury.

According to a Treasury document, the plea agreement settlement was related to violations of the federal government's Sudanese Sanctions Regulations.

Agar was placed under four years' probation and agreed to institute a sanctions compliance program with related employee training.

The assets control office alleged that the violations occurred in 2005. Agar agreed to pay a reduced penalty by cooperating with federal investigators, the document stated.

Copyright 2010 American City Business Journals
Copyright 2010