• Fri. May 3rd, 2024

SCG Plastics Fined $20 Million for Violating Anti-Iranian Sanctions with State-Owned Company

BySamantha Nguyen

Apr 23, 2024
Thai Firm to Pay $20 Million for Breaching Anti-Iran Sanctions

In 2018, SCG Plastics, a Thai company, was fined $20 million by the US Treasury Department for violating anti-Iranian sanctions. According to authorities, the company had been supplying products from Mehr Petrochemical, an Iranian state-owned company owned by its parent company SCG Chemicals since at least 2009. Over two years, between 2017 and 2018, SCG Plastics sold $291 million worth of Mehr Petrochemical products.

To conceal the Iranian origin of these products, SCG Plastics used invoices that listed the United Arab Emirates as the source. This misrepresentation allowed the company to bypass the sanctions against Iran and conduct business with Asian countries. This agreement with the US Treasury Department underscores the seriousness of violating international sanctions and the measures being taken to hold companies accountable for such actions. It also serves as a warning to other companies that may be engaging in similar practices.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

Leave a Reply