Iran oil tycoon Babak Zanjani sentenced to death

Iran oil tycoon Babak Zanjani sentenced to death

PanARMENIAN.Net - Billionaire Iranian businessman Babak Zanjani has been sentenced to death for corruption, justice officials said, according to BBC News.

He was arrested in December 2013 after accusations that he withheld billions in oil revenue channelled through his companies. He denies the allegations.

Zanjani, 42, was convicted of fraud and economic crimes, a judiciary spokesperson said at a press briefing. One of Iran's richest men, Zanjani was blacklisted by the U.S. and EU for helping Iran evade oil sanctions.

Two others were sentenced to death along with him and all were ordered to repay embezzled funds. The ruling can be appealed.

In a separate development, a cargo of Iranian crude oil arrived at a Spanish refinery in San Roque on Sunday, the first delivery to an EU state since sanctions were lifted.

The Monte Toledo offloaded 1m barrels at the refinery belonging to Spanish oil company Cepsa.

Before the oil embargo imposed by the EU in 2012, one in every five barrels of crude Iran exported was sold to refineries in Europe.

Zohreh Rezalee, a lawyer for Zanjani, told the BBC the verdict was politically motivated and an appeal would be lodged. "We believe that Babak Zanjani in this case is just a debtor," the lawyer said.

Zanjani had acknowledged using a web of companies in the United Arab Emirates, Turkey, and Malaysia to sell millions of barrels of Iranian oil on behalf of the government since 2010.

Before his arrest, Zanjani had argued that international sanctions were preventing him from handing over $1.2bn still owed to the government.

But at his recent trial, prosecutors said he still owed the government more than $2.7bn in oil revenue.

He was taken into custody a day after President Hassan Rouhani ordered his government to fight "financial corruption", particularly "privileged figures" who had "taken advantage of economic sanctions" under the previous government.

 Top stories
Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive.
In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million).
The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot".
The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.
Partner news
---