08:05 AM EST, 12/31/2012 (MidnightTrader) -- A major Iranian partner of Huawei Technologies offered to sell at least 1.3 million euros worth of embargoed Hewlett-Packard (HPQ:$13.68,00$-0.36,00-2.56%) computer equipment to Iran's largest mobile-phone operator in late 2010, Reuters reports.
China's Huawei said neither it nor its partner, a private company registered in Hong Kong, ultimately provided the HP products to the telecom, Mobile Telecommunication Co of Iran, known as MCI.
In October, Reuters reported that another Iranian partner of Huawei last year tried to sell embargoed American antenna equipment. Huawei has a similar partnership with HPQ.
In a statement, the Palo Alto, Calif., company said, "HP has an extensive control system in place to ensure our partners and resellers comply with all legal and regulatory requirements involving system security, global trade and customer privacy and the company's relationship with Huawei is no different."
Shares of HPQ are down 0.3% in the pre-market session to $13.64, which is in the low end of a 52-week range of $11.35 - $30.
hp says it ....'has an extensive control system in place to ensure our partners and resellers comply with all legal and regulatory requirements'.......but what hp fails to say, confess/admit or recognize is; the so-called 'extensive control sytem' is as inadequate and ineffective as company management is inadequate, ineffective and incompetent..........if we have learned nothing else in the last decade regarding hpq, we have learned that just because hp says it is so......doesn't make it so...........