Arrr mateys, them scallywags be payin' $20 million to the yanks for breakin' their precious sanctions! Aye, a costly mistake indeed!
2024-04-19
Arrr, ye scallywags at SCG Plastics Co. be payin' a hefty sum o' $20 million to them landlubbers at the U.S. Treasury for breakin' 467 o' them Iran sanctions. Aye, tis a costly mistake indeed, me hearties!
In jolly news from the high seas, a Bangkok-based plastics firm has been caught with their hand in the cookie jar, or should I say, the treasure chest? They've agreed to cough up a whopping $20 million to settle with the U.S. over a staggering 467 violations of Iran sanctions, arrr!SCG Plastics Co. used U.S. banks to process a hefty $291 million in sales of Iranian high-density polyethylene resin, me hearties. This resin, used for making bottles and such, was manufactured by an Iranian joint venture partly owned by SCG Plastics' parent company and the National Petrochemical Company of Iran, a government entity.The scallywags at SCG Plastics used sneaky practices to hide the resin's Iranian origin, causing the banks to unwittingly break the sanctions. The U.S. Treasury be claimin' that these violations were "egregious" and slapped the company with a fine of $20 million, to be paid within 90 days.Though SCG Plastics be walkin' the plank now, they've been let off the hook for any further wrongdoing. Meanwhile, the U.S. be raisin' the Jolly Roger with plans for more sanctions on Iran, especially after a skirmish with Israel. Looks like the seas be gettin' rougher for those who dare to cross the line.