Iran's Tycoon, Babak Zanjani, Receives 20-Year Prison Term after Returning $2.1 Billion in Assets
Iran's judiciary announced on Tuesday that tycoon Babak Zanjani's death sentence was commuted to 20 years in prison after he returned around $2.1 billion in assets from selling oil abroad illegally.
Zanjani, 48, was sentenced to death in 2016 for money laundering, forgery, and fraud that disrupted the economy.
He was given the option to commute his sentence by returning the assets and expressing regret for his wrongdoing as part of his original sentence.
The Supreme Leader, Ayatollah Ali Khamenei, approved the commutation.
A spokesperson announced that Mahmoud Reza Zanjani, a former Iranian businessman worth an estimated $14 billion, cooperated with the judiciary to return assets abroad totaling over 2 billion euros ($2.1 billion) while in prison.
Zanjani was arrested in 2013 during a crackdown on corruption under former President Mahmoud Ahmadinejad, with allegations of owing 2 billion euros for oil sales on behalf of the government.
The commutation of his sentence suggests that Iran's government is seeking revenue due to years of US sanctions.
In 2018, President Donald Trump withdrew the US from a nuclear deal with Iran, leading to sanctions that made it difficult for Iran to sell its crude oil and causing its currency, the rial, to depreciate.
Previously, in 2014, Iran executed Mahafarid Amir Khosravi, a billionaire businessman, for a $2.6 billion state bank fraud.
He was given the option to commute his sentence by returning the assets and expressing regret for his wrongdoing as part of his original sentence.
The Supreme Leader, Ayatollah Ali Khamenei, approved the commutation.
A spokesperson announced that Mahmoud Reza Zanjani, a former Iranian businessman worth an estimated $14 billion, cooperated with the judiciary to return assets abroad totaling over 2 billion euros ($2.1 billion) while in prison.
Zanjani was arrested in 2013 during a crackdown on corruption under former President Mahmoud Ahmadinejad, with allegations of owing 2 billion euros for oil sales on behalf of the government.
The commutation of his sentence suggests that Iran's government is seeking revenue due to years of US sanctions.
In 2018, President Donald Trump withdrew the US from a nuclear deal with Iran, leading to sanctions that made it difficult for Iran to sell its crude oil and causing its currency, the rial, to depreciate.
Previously, in 2014, Iran executed Mahafarid Amir Khosravi, a billionaire businessman, for a $2.6 billion state bank fraud.
Translation:
Translated by AI
