US EditionThai plastics firm will pay $20 million to settle with U.S. over Iran sanctions violations
- SCG Plastics Co. Processed $291 million in sales of Iranian resin through U.S. Banks from 2017 to 2018, as per a settlement with the Treasury’s Office of Foreign Assets Control.
- The resin, used for product bottles and industrial items, was manufactured by a joint venture involving SCG Plastics, SCG Chemicals, and the National Petrochemical Company of Iran.
- SCG Plastics had "shipping and documentation practices" that hid the resin's origin, resulting in 467 violations of Iran sanctions. OFAC fined $20 million, absolving the company of further liability.
19 Articles
19 Articles
SCG unit fined $20m for evading US sanctions on Iran
A unit of Thailand-based SCG Chemicals Plc, part of the Siam Cement Group, has agreed to pay $20 million (735 million baht) to the United States to settle potential civil liability for violations of US sanctions on Iran, according to the US Treasury Department.
US fines Thailand-based firm $27m for Iran sanctions violations
WASHINGTON - The United States fined a Thailand-based firm US$20 million (S$27 million) on April 19 for more than 450 possible Iran sanctions violations – a day after Washington slapped fresh sanctions on Iran following last weekend’s attack on Israel. Read more at straitstimes.com.
Thai plastics firm will pay $20 million to settle with U.S. over Iran sanctions violations
By FATIMA HUSSEIN Associated Press WASHINGTON (AP) — A Bangkok-based plastics firm has agreed to pay $20 million to settle with the U.S. over 467 violations of Iran sanctions. The U.S. Treasury announced the settlement on Friday. Treasury says the firm was engaging in a joint venture with an Iranian firm and giving “significant economic
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