Friday, April 18, 2014
Iran recently had an unlikely visitor: a private plane with a small American flag on its tail parked at the Mehrabad Airport in Tehran. In Iran, all but a few U.S. and European business activities are banned, so the aircraft likely would have needed prior approval from the Treasury Department’s Office of Foreign Assets Control.
Everything else about the plane, and why it was it Iran appears to be a mystery. What we do know is that the plane is held in trust by the Bank of Utah, a community bank in Ogden with 13 branches throughout the U.S. The Bank of Utah acts as a trustee for 1,169 aircraft, more than just about any other bank. An executive of the Bank of Utah said he was not allowed to disclose the identity of the plane’s investors. “As fiduciary, we must keep information confidential when it comes to the beneficiary.”
See Michael Corkery, Jessica Silver-Greenberg, and Thomas Erdbrink, Iran Gets an Unlikely Visitor, an American Plane, but No One Seems to Know Why, The New York Times, Apr. 17, 2014.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.