Iranian billionaire Babak sentenced to death


Babak Zanjani (Photo sourced from facebook.com/Babak Zanjani)

By Afropreneur
Iranian Billionaire Babak Zanjani has been sentenced to death for fraudulently pocketing $2.8 billion, AFP reported.
He was sentenced to death on March 6, 2016 for embezzlement of funds and ‘spreading corruption on earth’.
Zanjani (41), with a net worth of $13.5 billion found ways of channeling currency from oil sales to Tehran despite sanctions imposed on the Islamic republic’s bank as punishment for nuclear programme.
He was the Managing Director (MD) of the United Arab Emirates (UAE) Sorinet Group which is one of Iran’s largest business conglomerates.
The billionaire was known to be a facilitator for Iran oil deals providing support to the government of Iran despite the European Union (EU) sanctions against the country.
In addition to the death penalty, Zanjani has been ordered to repay money to the state.
AFP reported that the case was held in public, and two others could also face the death penalty for having been found guilty of spreading corruption on earth.
“They must also pay a fine equal to one fourth of the money that was laundered”, AFP stated quoting a judicial spokesperson.
Zanjani has insisted on innocence saying he intended to transfer the money to oil Ministry but had been barred due to the sanctions imposed on the country.
“However, the case follows repeated declarations from the current government of President Hassan Rouhani that corruption and the payment of illegal commissions thrived under Ahmadinejad's rule. Other trials are ongoing,” AFP reported.
Location: United States

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