Economy
Iran Court Tries 13 in $7 Billion Petrochemical Fraud Case: Mehr
The trial has started in an Iranian court for 13 petrochemical industry executives charged with embezzling 6.6 billion euros ($7.4 billion) in one of the nation’s biggest corruption cases, the state-run Islamic Republic News Agency reported.
The defendants, most either chief executives or board members of Iranian petrochemical producers and exporters, are accused of “causing a great economic disturbance” by establishing shell companies overseas to circumvent sanctions imposed while Mahmoud Ahmadinejad was president, judge Assadollah Masoudi Magham said, according to IRNA.
Reading from a 700-page indictment, another judicial official added that billions of euros worth of sales from petrochemical exports were funneled to the companies as purchases, the Mehr news agency reported on Thursday.
The case, described by IRNA as “record-breaking” for its monetary value, is the latest in a series of trials and investigations started after the government of President Hassan Rouhani and the hardline judiciary vowed to root-out corruption in response to rising public anger over levels of cronyism and economic nepotism within industry and government.
The return in August of U.S. sanctions, the most punitive ever imposed on the Islamic Republic by Washington, has brought fresh urgency to the efforts as people are being forced to cope with steep increases in prices and a collapse in the rial, which have cut the value of their paychecks and spending power.
-
News2 months agoINVESTIGATION: Why Nokia Could Matter More in the Quantum Age Than It Ever Did in Mobile
-
News2 months agoThales & Ankaa to Deliver Multi-Mission Air Traffic Surveillance Radars for Oman, Capable of Supporting Civil & Military Operations
-
Business2 months agoOman India Fertiliser Company Lists on Muscat Stock Exchange
-
Banking & Finance2 months agoBank Muscat posts net profit of RO137.49 million in H1 2026
-
Alamaliktistaad Magazines2 months agoAlam Al-Iktisaad May 2026 Edition
-
News2 months agoOQ Signs Agreement to Divest Majis Industrial Services to Rakiza & IV3 Aqua-led Investment Consortium
-
News2 months agoHow Fake 7-Zip Software Exposed a Much Bigger Criminal Proxy Business
-
Banking & Finance2 months agoOman’s Banking Sector Records Credit Growth Of 11.5% By May 2026

You must be logged in to post a comment Login