Iran executes trader ‘Sultan of Bitumen’

Published December 23, 2018
Dermani is the third businessman to be executed since an anti-corruption drive was launched over the summer.— AP/File
Dermani is the third businessman to be executed since an anti-corruption drive was launched over the summer.— AP/File

TEHRAN: Iran executed a trader known as the “Sultan of Bitumen” on Saturday over charges of fraud and large-scale smuggling of the oil product, the judiciary’s news agency Mizan online reported.

Hamidreza Bagheri Dermani, 49, is the third businessman to be executed since an anti-corruption drive was launched over the summer.

He was convicted of “corruption on earth” — a broad charge used for the most high-profile and serious cases — after swindling over 10 trillion rials (around $100 million at the current rate) through “fraud, forgery and bribery”, Mizan reported.

Dermani, who was arrested in August 2014, reportedly forged dozens of documents of fake real estate to acquire bank loans.

He then used front companies to procure more than 300,000 tonnes of bitumen — an oil-based substance used in asphalt and other products and one of Iran’s most profitable businesses — Mizan said.

The judiciary said Dermani’s loans were facilitated by former central bank governor Mahmoud Reza Khavari, who was convicted in absentia last year after fleeing to Canada in the wake of yet another major embezzlement scandal.

The authorities have been keen to show they are cracking down on “economic disruptors” accused of exploiting shortages and fluctuations in gold and currency prices.

Published in Dawn, December 23rd, 2018

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.