Unit of Thailand's SCG pays $20 mln to US to settle Iran sanctions case

A unit of Thai company SCG Chemicals PCL has agreed to pay $20 million to the United States to settle potential civil liability for violations of U.S. sanctions on Iran, the Treasury Department said on Friday. SCG Plastics Co shipped high-density polyethylene resin but hid the product's Iranian origins, causing U.S. financial institutions to unwittingly process $291 million in wire transfers that contravened the sanctions in 2017 and 2018, the department said in a statement.

"As a result of these transactions, significant economic benefits were conferred to Iran's petrochemical sector, a major source of revenue generation for the Iranian regime," it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)