Monday, October 26, 2020

Iran sentenced lawmakers to 61 months prison over auto industry corruption

-

Judicial officials have detained former member of Iran‘s parliament Mohammad Azizi who must serve his 61 months sentence for corruption related to the country’s beleaguered auto industry.

The same fate is awaiting another lawmaker, Fereydoun Ahmadi also sentenced to 61 months in the same case, Tasnim news agency reported on Wednesday.

Both lawmakers finished their parliamentary terms and their immunity on May 26, as the newly elected parliament convened its first session May 27.

The two lawmakers were tried for their role in a corruption case that made headlines in Iranian media for a long time. The two main defendants in the case were sentenced to death on May 19 on charges of causing disruption in the auto market, gold and forex markets and money laundering.

- Advertisement -

Fereydoun Ahmadi and Mohammad Azizi were arrested last summer and released on heavy bail a few days later. On May 19 Judiciary Spokesman Gholam-Hossein Esmaili said the two lawmakers have been found guilty of “facilitation of disruption in auto sales system”.

Ahmadi, a representative of Zanjan in the previous parliament, is a moderate conservative, while Azizi who was elected from Abhar in the same province, is known as a reformist politician.

Several others including a former CEO and the marketing deputy of SAIPA, one of Iran’s largest automakers, as well as the security chief of the company, have also been found guilty and sentenced to prison terms.

Iran’s carmakers are not private companies but are owned partly by the government and partly by state-controlled banks. Citizen shareholders have no say in how these companies are managed.

- Advertisement -

The main defendants, Vahid Behzadi dubbed as Iran’s “Auto King” and his wife Najva Lashidayi, paid small amounts to the company as down payment for vehicles which they could sell at much higher prices due to high inflation.

The annual inflation in the previous Iranian year (March 21, 2019 – March 20, 2020) stood at 41.2 percent.

The company officials and lawmakers sentenced in the sensational case lobbied and facilitated the transactions.

In a separate development, the Economic Security Police of Tehran on Wednesday announced that it has discovered and confiscated 1,084 unused cars worth around 1,000 billion rials (approximately $24 million) that had been hidden in 13 parking lots. The make and model of cars has not been announced.

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Operators of fake theology school accused of stealing $12 million in student aid

Six people from three states are charged with defrauding $12 million from federal student aid programs by allegedly enrolling students into a theology school...

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...

Two U.S. Navy service members get prison for defrauding military insurance program

Two U.S. Navy service members were sentenced in San Diego federal court Friday for their roles in an insurance fraud scheme that involved making false medical claims to...

Judge opposed dismissal of bribery charge against former Portage mayor Synder

A judge denied Thursday two motions to dismiss a soliciting bribes charge former Portage Mayor James Snyder will be retried on, according to court...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks