Europe

Home page

Europe

UK liner’s bust led by Iran sanctions

12 June 2011 01:48 (UTC +04:00)

Baku-APA. Britain’s leading ship-liner has gone bankrupt due to the loss of business caused by West’s sanctions on the Islamic Republic of Iran, APA reports quoting Press TV.

Johnson Stevens Agencies Ltd. announced that the company has gone into administration because of the US-led sanctions on the company’s Iranian shipping client, Reuters reported.

The company used to represent the Islamic Republic of Iran Shipping Lines (IRISL).

According to the prominent PKF network of accountancy firms, after the United States and European Union imposed sanctions on IRISL, Johnson Stevens’ banking facilities were withdrawn, leading to a cash flow crisis.

Both the EU and the US have accused the IRISL of being involved in illicit arms shipments.

Earlier on Thursday, IRISL Managing Director Mohammad Hossein Dajmar said that Iran would take legal action against the US and the EU over the arbitrary sanctions, noting that the IRISL has already taken a number of legal actions in the UK, European and US courts in coordination with the International Legal Affairs Department of Iran’s Presidential Office.

The IRISL has one of the largest fleets of ships in the Middle East with about 165 ocean-going vessels with a total capacity of 5.8 million tons of deadweight, he underlined.