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.
Standing in the shadows of giants: 1,475 statues fill the landscape beside D
Duke and Duchess of Edinburgh step in for cancer
Indiana mother Raeleigh Phillips charged with murdering nine
Amanda Bynes' former Nickelodeon co
French athletes at Paris Olympics will receive better mental health protection
Apple makes a major change that makes it significantly cheaper and easier to repair broken iPhones
Nicole Brown Simpson documentary in production at Lifetime as 30
Texas A&M Commerce wide receiver Keith Miller III is found dead at 23 near the Dallas
Video of kids playing chicken with train on Ngāruawāhia bridge highlights ongoing problem
BP defeated thousands of suits by sick Gulf spill cleanup workers. But not one by a boat captain
Which celebs have had the 'Biden facelift'? Top plastic surgeons spill all