Iran News ...


10/06/15

Accused Iranian tycoon pledges payback of "Oil Fraud" proceeds

Source: Radio Zamaneh

The third trial session of Babak Zanjani and two other unnamed suspects in the "Oil Fraud" case was held on Monday October 5 in Tehran.


Babak Zanjani
(by Keyvan Varessi, Ghanoon daily)

Judge Salavati announced at the beginning of the October 5 session that the foreign lawyers of Babak Zanjani have provided a draft of an unconditional commitment to pay off all the money owed to the National Iranian Oil Company.

The debt will reportedly be paid out to H. K. Intertrade on October 5, according to the Legal Director of the National Iranian Oil Company.

H. K. Intertrade belongs to the National Iranian Oil Company, and according to Iranian media, the transaction will happen quite quickly using this intermediary.

According to the indictment, Zanjani failed to pay the 2.7 billion euros expected from an oil export deal and instead paid only 700 million euros, spending the rest on personal matters.

The indictment also alleges that the former minister of oil, the economy and industry provided Zanjani with the legal means to embezzle from the National Iranian Oil Company.

According to the prosecutor's office, Zanjani maintains his failure to pay the debt was due to the sanctions laid against the FIIB Bank in Malaysia. The office adds, however, that Zanjani has provided no evidence of doing any substantial business with this bank.

It also alleges that he was trying to pay his debt through forged letters of credit.

Zanjani was arrested in December of 2013 on suspicion of defrauding the oil ministry.

The next court session will take place on November 1.

... Payvand News - 10/06/15 ... --



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