Thai plastics firm will pay $20 million to settle with U.S. over Iran sanctions violations
Time:2024-04-20 12:40:10 Source:opinionsViews(143)
WASHINGTON (AP) — A Bangkok -based plastics firm has agreed to pay $20 million to settle with the U.S. over 467 “egregious” violations of Iran sanctions, the U.S. Treasury announced on Friday.
SCG Plastics Co. used U.S. banks to process $291 million in sales of Iranian high-density polyethylene resin from 2017 to 2018, according to the signed settlement agreement between the firm and Treasury’s Office of Foreign Assets Control.
The resin, used for product bottles and industrial items, was manufactured by an Iranian joint venture owned in part, by SCG Plastics’ parent company, SCG Chemicals and the National Petrochemical Company of Iran, which is a government entity.
The settlement states that SCG Plastics used “shipping and documentation practices that obfuscated the product’s Iranian origin and Iranian parties’ involvement,” which caused banks to unknowingly process transfers in violation of OFAC’s sanctions on Iran.
Previous:Primary school teacher who was sacked by school for teaching nine
Next:Ruud advances to Barcelona semis after beating Arnaldi in straight sets
You may also like
- She means business! Rita Ora steps out in chic tailored three
- Olympic gold is great, but athletes say some cash to go with it is even better
- Myanmar junta attacks garrison in bid to rescue stranded soldiers — Radio Free Asia
- Retired general's testimony links private contractor to Abu Ghraib abuses
- Jeezy BACKTRACKS on request for full custody of daughter Monaco, two, amid Jeannie Mai divorce
- Trump rips judge for warning he may have to SKIP Barron's high school graduation: Ex
- St James's Place paid £213K to HMRC for my inheritance tax bill
- Jack Leiter, son of Al, to make major league debut for Rangers on Thursday against Tigers
- Worker electrocuted while doing maintenance on utility pole in upstate New York