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.
Start of Sen. Bob Menendez's bribery trial is delayed a week to mid
How Princess Diana's audacious bid for freedom 30 years ago became a heart
Let's hear it for Princess Anne, the brave, plain
British POW who was tortured with electric shocks, beaten and starved by Putin's troops in five
Meghan Markle reads books to youngsters at Los Angeles Children's Hospital on Royal
Firefighters douse a blaze at a historic Oregon hotel famously featured in 'The Shining'
US House passes controversial surveillance bill on 4th attempt