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Iran billionaire Babak Zanjani sentenced to death | Iran billionaire Babak Zanjani sentenced to death |
(about 1 hour later) | |
Billionaire Iranian businessman Babak Zanjani has been sentenced to death for corruption, justice officials say. | Billionaire Iranian businessman Babak Zanjani has been sentenced to death for corruption, justice officials say. |
He was arrested in December 2013 after accusations that he withheld billions in oil revenue channelled through his companies. He denies the allegations. | He was arrested in December 2013 after accusations that he withheld billions in oil revenue channelled through his companies. He denies the allegations. |
Zanjani, 42, was convicted of fraud and economic crimes, a judiciary spokesperson said at a press briefing. | Zanjani, 42, was convicted of fraud and economic crimes, a judiciary spokesperson said at a press briefing. |
One of Iran's richest men, Zanjani was blacklisted by the US and EU for helping Iran evade oil sanctions. | One of Iran's richest men, Zanjani was blacklisted by the US and EU for helping Iran evade oil sanctions. |
Two others were sentenced to death along with him and all were ordered to repay embezzled funds. The ruling can be appealed. | Two others were sentenced to death along with him and all were ordered to repay embezzled funds. The ruling can be appealed. |
Zohreh Rezalee, a lawyer for Zanjani, told the BBC the verdict was politically motivated and an appeal would be lodged. | |
"We believe that Babak Zanjani in this case is just a debtor," the lawyer said. | |
Who is Babak Zanjani? | |
Downfall of a billionaire | |
Zanjani had acknowledged using a web of companies in the United Arab Emirates, Turkey, and Malaysia to sell millions of barrels of Iranian oil on behalf of the government since 2010. | Zanjani had acknowledged using a web of companies in the United Arab Emirates, Turkey, and Malaysia to sell millions of barrels of Iranian oil on behalf of the government since 2010. |
Before his arrest, Zanjani had argued that international sanctions were preventing him from handing over $1.2bn still owed to the government. | Before his arrest, Zanjani had argued that international sanctions were preventing him from handing over $1.2bn still owed to the government. |
But at his recent trial, prosecutors said he still owed the government more than $2.7bn in oil revenue. | But at his recent trial, prosecutors said he still owed the government more than $2.7bn in oil revenue. |
He was taken into custody a day after President Hassan Rouhani ordered his government to fight "financial corruption", particularly "privileged figures" who had "taken advantage of economic sanctions" under the previous government. | He was taken into custody a day after President Hassan Rouhani ordered his government to fight "financial corruption", particularly "privileged figures" who had "taken advantage of economic sanctions" under the previous government. |
'Corrupt parasites' | 'Corrupt parasites' |
The trial, unusually, was held in public, AFP news agency reports. | The trial, unusually, was held in public, AFP news agency reports. |
In a 2013 interview with the BBC, Zanjani played down his political connections in Iran, saying: "I don't do anything political, I just do business." | In a 2013 interview with the BBC, Zanjani played down his political connections in Iran, saying: "I don't do anything political, I just do business." |
Zanjani has said he is worth about some $13.5bn. | Zanjani has said he is worth about some $13.5bn. |
For years things worked well for the businessman who appeared in photos with some high-ranking officials and was not shy of showing off his wealth, such as private jets and luxury cars, Amir Azimi of BBC Persian reports. | For years things worked well for the businessman who appeared in photos with some high-ranking officials and was not shy of showing off his wealth, such as private jets and luxury cars, Amir Azimi of BBC Persian reports. |
But when the local media started to report on his wealth, he came under the spotlight and under suspicion. | But when the local media started to report on his wealth, he came under the spotlight and under suspicion. |
The death sentence could have wider implications for Iran's economy, where many were involved in finding ways to avoid the sanctions, our analyst adds. | The death sentence could have wider implications for Iran's economy, where many were involved in finding ways to avoid the sanctions, our analyst adds. |
International sanctions on Iran were lifted in January after a watchdog confirmed it had complied with a deal designed to prevent it developing nuclear weapons. | International sanctions on Iran were lifted in January after a watchdog confirmed it had complied with a deal designed to prevent it developing nuclear weapons. |
Oil minister Bijan Zanganeh has urged foreign investors to avoid middlemen, whom he describes as "corrupt parasites". | Oil minister Bijan Zanganeh has urged foreign investors to avoid middlemen, whom he describes as "corrupt parasites". |
Zanjani was convicted of "corruption on earth", the most serious offence in Iran's criminal code. | |
Other wealthy individuals have been executed after being found guilty of similar charges. | |
In May 2014, businessman Mahafarid Amir-Khosravi was hanged after being convicted of embezzling billions of dollars. |