By John Lee.
UK-based supplier of managed services and technology-based security solutions has said it is seeking a solution that would allow it to remain in the Iranian market.
In a statement to the markets on Tuesday, Westminster Group said:
“On the 10 May 2018 the Company announced that its major long term managed services contract for one of Iran’s 60 airports had been signed, subject to exchange of Board letters.
“However due to the US unilateral withdrawal from the Joint Comprehensive Plan Of Action (JCPOA) and despite the proposed equipment and services not being sanctioned activities, the Board also announced it had put the project on hold whilst the Company investigated the implications for the Company’s banking, finance, insurance and supply chain.
“On 26 June 2018 the Company issued a statement which provided further detail and confirmed that discussions were underway with all relevant parties including the client to find a way forward to the various challenges posed by the US actions.
“The Company continues to receive high level UK government support and the EU is also putting measures in place to assist and protect EU companies against the challenges caused by the US extraterritorial actions which are expected to be largely in place and announced by 6 August 2018.
“Although these measures are expected to be helpful the Company is not solely relying on them and is pleased to report that it has made good progress on a number of fronts particularly with financing, banking and its supply chain with workable arrangements having been put in place on key issues.
“The Company continues to address outstanding issues and will provide a further update on progress in due course.“
(Source: Westminster Group)