Babak Morteza Zanjani: Iranian billionaire’s death sentence reduced to 20 years in jail.
An Iranian businessman convicted of stealing nearly $3 billion has had his death sentence modified to a 20-year prison term.
Babak Morteza Zanjani was convicted in 2016 of embezzling funds from Iran’s oil ministry in order to avoid US sanctions.
He said he was unable to hand over the money due to penalties against him.
The news comes after Iran’s judiciary announced that Mr Zanjani had agreed to cooperate with authorities and had remitted his offshore assets to Iran.
Iran Court Sentenced To Death Iranian Businessman Babak Morteza Zanjani
Iranian industrialist Babak Zanjani and two accomplices have been sentenced to death for theft, according to the judiciary, in a case keenly monitored due to the billionaire’s significant role in helping the government avoid oil sanctions.
Asghar Jahangir, a spokesperson for Iran’s court, made the pronouncement on Tuesday, according to the judiciary-run Mizan News Agency.
Babak Morteza Zanjani Death Penalty Reduced to 20-year Jail Term
Mr Jahangir stated that the 20-year jail term decision was made in response to a request from the director of Tehran’s justice department and was approved by Iran’s judiciary leader and Supreme Leader, Ayatollah Ali Khamenei.
Iranian media speculated about Mr Zanjani’s likely release after the judiciary declared in February that he had decided to cooperate with the authorities and that his assets overseas had been traced and transferred to Iran.
Babak Morteza Zanjani was one of Iran’s wealthiest individuals, controlling a network of over 60 firms ranging from cosmetics to oil and finance.
At one point, he valued himself at roughly $13.5 billion (£9.5 billion), a large sum for a businessman operating in a country where the state owns the majority of the economy and the private sector is limited.
Babak Morteza Zanjani was one of the most prominent Iranian business executives targeted with asset freezes by the US and EU for his role in assisting the Iranian government in evading sanctions and selling oil abroad during Mahmoud Ahmadinejad’s presidency.
The sanctions were part of an international effort to put pressure on Iran’s government over its disputed nuclear program.
Babak Morteza Zanjani was arrested in 2013 for concealing $2.7 billion (£2.2 billion) in government funds and was found guilty of “corruption on earth” in 2016, a death offense used by the Iranian justice system to punish convicts on a variety of accusations.
Conclusion
Babak Morteza Zanjani’s legal drama, once among Iran’s wealthiest, has continued, with his death sentence commuted to 20 years in prison. His case, which involves embezzlement and dodging sanctions, represents Iran’s stance on financial malfeasance under international scrutiny.
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