Thailand’s SCG paid $20 million in fines over Iran sanction violation
Between 2017 and 2018, SCG shipped HDPE resin from its joint venture plant in Iran - Mehr Petrochemical Company, mostly to East Asia, but deliberately hid the country of origin
According to media reports, SCG Chemical PLC – a subsidiary of conglomerate Siam Cement Group has agreed to pay a fine of $20 million to the US to settle 467 apparent sanctions violations related to Iran.
Between 2017 and 2018, SCG shipped HDPE resin from its joint venture plant in Iran - Mehr Petrochemical Company, mostly to East Asia, but deliberately hid the country of origin, causing US financial institutions to process $291 million in wire transfers.
“SCG Plastics repeatedly issued shipping and payment documents that listed variants of the term ‘Middle East’ as the country of origin rather than ‘Iran’ even though the country of origin for the goods was Iran," said, the statement from the US Treasury Department.