was seized Wednesday by federal
authorities for its ties to Iran.
By Lee Ross
Federal authorities moved in Wednesday to seize control of a New York City office building partially owned by a company with ties to the Iranian government.
The move by officials at the Treasury and Justice Departments is designed to stop the flow of funds they say are used to help Iran's efforts to build nuclear weapons.
The office tower, located on New York's famed Fifth Avenue, was built by an Iranian non-profit group in the 1970s. Over the years the ownership of the building has evolved into what federal officials say is an attempt to hide the stake held by an Iranian state-owned bank.
The government alleges that Assa Corp., the building's owner, is a shell company for Bank Melli, which is accused of facilitating the movement of nuclear materials for the Iranian government. Officials contend that Bank Melli was heavily involved in the day-to-day operations of Assa Corp. and its management of the Fifth Avenue building, which generated rental income that was sent back to Iran.
Although Treasury is now designating Bank Melli a front company for the Iranian government, it pointed out that the building houses legitimate tenants, including Merrill Lynch. Read more ...
Federal authorities moved in Wednesday to seize control of a New York City office building partially owned by a company with ties to the Iranian government.
The move by officials at the Treasury and Justice Departments is designed to stop the flow of funds they say are used to help Iran's efforts to build nuclear weapons.
The office tower, located on New York's famed Fifth Avenue, was built by an Iranian non-profit group in the 1970s. Over the years the ownership of the building has evolved into what federal officials say is an attempt to hide the stake held by an Iranian state-owned bank.
The government alleges that Assa Corp., the building's owner, is a shell company for Bank Melli, which is accused of facilitating the movement of nuclear materials for the Iranian government. Officials contend that Bank Melli was heavily involved in the day-to-day operations of Assa Corp. and its management of the Fifth Avenue building, which generated rental income that was sent back to Iran.
Although Treasury is now designating Bank Melli a front company for the Iranian government, it pointed out that the building houses legitimate tenants, including Merrill Lynch. Read more ...
Source: Fox News
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