SCG Plastics Co., Ltd.

HQ Country of Company:
Thailand
Agency:
Department of Treasury
Location of Sentencing:
Washington D.C.
Date:
Description:

In 2024, SCG Plastics Co., Ltd., a part of a multinational enterprise headquartered in Bangkok, Thailand, was involved in a significant enforcement action by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). The company agreed to pay $20 million to settle potential civil liability for 467 apparent violations of OFAC sanctions on Iran.

From 2017 to 2018, SCG Plastics caused U.S. financial institutions to process $291 million in wire transfers for sales of Iranian-origin polyethylene resin manufactured by a joint venture in Iran. OFAC determined that these apparent violations were egregious and, with the exception of certain transactions, were not voluntarily self-disclosed by the company. The settlement reflects the seriousness of the violations and the importance of compliance with U.S. sanctions regulations​.

Fine:
Total Fine
$20,000,000
Total Forefeiture
$ 0.00
Total Special Assessment
$ 0.00
Grand Total
$20,000,000
Source:
Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and SCG Plastics Co., Ltd.
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