A subsidiary of Thailand-based SCG Chemicals Co. agreed to pay a $20 million fine to the Treasury Department’s Office of Foreign Assets Control (OFAC) over “egregious” violations of sanctions against Iran.
SCG Plastics, which is currently undergoing bankruptcy proceedings in Thailand, allegedly used U.S-based correspondent banks to process 467 transactions worth $291 million related to sales of lranian-origin high-density polyethylene resin (HDPE), according to its settlement agreement released Friday.
