Irani Court awards Death Sentences to Influential Billionaire in Corruption Case

Iranian Billionaire Given Death Sentence in Corruption CaseJNN 07 Mar 2016 Tehran  : Iranian billionaire reportedly one of the country’s richest men , Babak Zanjani, who was facing charges of economic corruption, after a long Public trial convicted of  fraudulently pocketing US$2.8 billion.

A justice official announced the punishment Sunday, noting that Zanjani, who became notorious for finding ways to channel hard currency from oil sales during the sanctions-ridden era of president Mahmoud Ahmadinejad from 2005 to 2013, could appeal.

Zanjani rose to prominence after sanctions imposed on the Islamic republic’s banks , to Pressurize the Government for its Civil Nuclear programme , which hit the country’s finances hard.

He admitted of Pocketing commissions, he further accused that he was at all times working with the knowledge and backing of Iranian government and he boasted in media interviews of his skills and wealth amassed by managing to subvert the banking restrictions.

He said he did so using a web of companies in various countries including the United Arab Emirates, Turkey and Malaysia, selling millions of barrels of Iranian oil.

But he was arrested in December 2013, three months after current President Hassan Rouhani took office, having pledged to crack down on corruption.\

Zanjani faced several counts of charges including “corruption on earth,” which carries the death penalty under Iran’s Islamic Penal Code.

He has also been charged with massive fraud at Iran’s Ministry of Petroleum, Social Security Organization and Bank Maskan (specializing in housing finance), money laundering and forgery.

Zanjani, 41, was convicted of fraud and economic crimes and must repay money to the state as well as face the death penalty, judiciary spokesman Gholam Hossein Mohseni-Ejeie said.

The trial was public, for him and two other accused were also convicted of “corruption on earth”, the most serious offence in the Islamic republic, meaning they too will face the death penalty.

“The preliminary court has sentenced these three defendants to be executed, as well as paying restitution to the plaintiff,” said Mohseni-Ejeie, adding this was the oil ministry.

They must also pay a “fine equal to one fourth of the money that was laundered”, the spokesman said, without specifying the sum.

Zanjani had tried to mislead by insisting the only reason the money had not been paid to the oil ministry was that sanctions had prevented a planned transfer from taking place. That claim was disputed in court.

The case follows repeated declarations from Rouhani’s government that corruption and the payment of illegal commissions thrived under Previous Government. Other trials are ongoing.

– ‘Corrupt parasites’ –

In October last year, Rouhani’s oil minister Bijan Zanganeh hit out at the use of middlemen such as Zanjani.

Iranian media have put the tycoon’s fortune as high as $13.5 billion, with public opinion as he was enriching himself at the country’s expense.

Speaking after Iran concluded a nuclear deal with world powers in July, paving the way for increased foreign activity in Iran’s energy sector, the oil minister urged investors to deal directly with the government and avoid third parties.

“We despise the corrupt parasites that want to suck the nation’s blood even in this situation,” Zanganeh said to loud applause at an industry event in the capital while Zanjani’s trial was under way.

“I recommend foreign companies stay away from these corrupt individuals” who know nothing but “deceitfulness”.

Zanjani was among Iranian individuals blacklisted under US and European sanctions.

The nuclear deal saw a large part of these sanctions lifted at the beginning of 2016 in exchange for Tehran curbing its nuclear programme.

Defending the nuclear talks in 2014 before the deal came about, Rouhani said “a small, fringe group is very angry about it because they will suffer losses” and referred to Zanjani as such a person.

In parliamentary elections last month, the president secured his goal of a more moderate parliament, signalling strong public support for the nuclear accord and creating an opening for domestic reforms.

As of 2015, Iran ranked first in the world in natural gas reserves and fourth in proven crude oil reserves, according to energy giant BP.

One thought on “Irani Court awards Death Sentences to Influential Billionaire in Corruption Case

  1. Pingback: Irani Court awards Death Sentences to Influential Billionaire in Corruption Case » ALQAIM.TV

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