Thai plastics firm will pay $20 million to settle with U.S. over Iran sanctions violations
Time:2024-05-21 16:45:09 Source:styleViews(143)
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.
Previous:Jessica Biel CHOPS her long locks into a bob after book signing in Studio City
Next:Why US Catholics are planning pilgrimages in communities across the nation
You may also like
- Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
- Migraine drug could be offered to facial flush sufferers after success in trial
- Lemi Berhanu Hayle wins Prague international marathon, Bedatu Hirpa Badane claims women's race
- Miami is hotter than ever! Here's what to do in America's most exciting city
- Here comes the char
- King Charles fears he's 'letting everyone down' if he can't carry out his public duties
- Pedro's late goal seals 1
- NANA AKUA: Why Barbra Streisand was RIGHT to ask Melissa McCarthy if she was on Ozempic
- Celebrity birthdays for the week of May 26