Commerce Department Removes Berkshire Hathaway Subsidiary Erroneously Placed on Military End User List

(BRK.A), (BRK.B)

A Berkshire Hathaway company that was erroneously listed on a proposed U.S. Commerce Department list of Military End-Users in connection with China has been removed from the draft list.

A draft rule released by the U.S. Commerce Department’s Bureau of Industry and Security would add a new ‘Military End-User’ List to its regulations on military-use and end-user export controls.

An initial list of entities identified by BIS as “Military End-Users” in the new rule erroneously included Berkshire Hathaway’s TTI Electronics Asia PTE Hong Kong Ltd a subsidiary of Berkshire Hathaway’s US-based TTI, Inc.

In a statement, TTI said: “The action taken by BIS confirms our position that TTI HK is not a ‘Military End User’ nor does it maintain any ties to the Chinese military. Our customers, suppliers, and all business partners can rest assured that TTI and our affiliates globally are fully compliant with all laws and regulations in the locations where we do business, including all U.S. export control requirements.”

© 2020 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.