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Iran's business tycoon sentenced to death over corruption scandal: judiciary

Xinhua, March 6, 2016 Adjust font size:

Iran's billionaire tycoon, Babak Zanjani, was sentenced to death over financial corruption scandal, Iran's Judiciary spokesman Gholam-Hossein Mohseni-Ejei announced on Sunday.

The preliminary court has issued the verdict for Zanjani and two other defendants, Mohseni-Ejei was quoted as saying by Press TV.

The sentence is yet to be approved by the country's supreme court.

Zanjani was arrested on December 2013 for an inquiry into his financial activities.

Zanjani used a web of more than 60 companies based in the United Arab Emirates (UAE), Turkey and Malaysia to sell millions of barrels of Iranian oil on behalf of the government, generating billions of U.S. dollars of revenue, according to earlier report by Tehran Times daily.

He also owned and operated the UAE-based Sorinet Group, the Iranian Qeshm Airlines and the Rah Ahan Sorinet F.C. in Iran.

Zanjani's arrest came following Iranian President Hassan Rouhani's remarks that his government would fight privileges of some people who took advantage of sanctions against the country.

Inside Iran, Zanjani has been accused of withholding part of money from oil sales. However, he said that the international sanctions had prevented him from transferring money into the country.

Zanjani was blacklisted by the European Union on the grounds of what was stated as "assisting designated entities to violate the provisions of the EU regulation on Iran and is providing financial support to the government of Iran." His accounts were also frozen by the U.S. treasury in April 2013 for acting to circumvent sanctions against Iran.

Zanjani was claimed to be "a key facilitator for Iranian oil deals and transferring oil-related money." Endit