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.
Religious leader faces new charge in case that brought 5
Caitlin Clark selected with No. 1 in the WNBA draft by the Indiana Fever
NASA confirms mystery object that crashed through roof of Florida home came from space station
The 12 jurors picked in Trump's hush money trial, including a woman who called him 'selfish'
Donald Trump brings his campaign to the courthouse as his criminal hush money trial begins
Paris Hilton backs California bill to bring more transparency to youth treatment facilities
Closing prices for crude oil, gold and other commodities
Roma's Ndicka discharged from hospital a day after collapsing during game
Wesley Bryan has a big finish to restore lead at Puntacana on the PGA Tour
Prominent New York church, sued for gender bias, moves forward with male pastor candidate