Volume. 11949

Costco’s UK unit inadvertently granted membership to Iran Air
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c_330_235_16777215_0___images_stories_edim_04_02(81).jpgCostco Wholesale   Corp., the largest U.S. warehouse-club chain, said its UK unit inadvertently granted a membership to a person in the name of Iran Air, a move that could have violated sanctions against Iran.
The transaction was reversed and the membership was canceled on March 12, the Issaquah, Washington-based company said in a filing . No revenue was recognized from the transaction, Costco said.
The U.S. and Europe have imposed sanctions on Iran in an attempt to prevent it from pursuing a nuclear program, restricting companies’ dealings with the country. Last year, Costco canceled a business membership at its Japanese subsidiary that was opened in the name of the Iran embassy. In that case, the membership generated $1,032 in revenue and an estimated $13 in profit in the quarter ending in August. 
(Source: Bloomberg)

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