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Iran executes trader dubbed ‘Sultan of Bitumen’

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  • Post last modified:22/12/2018
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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  reported.

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

He was convicted of “corruption on earth”, Iran’s most serious capital offence, after swindling over 10 trillion rials (around $100 million at the current rate) through “fraud, forgery and bribery”, Mizan reported.

Dermani, first arrested in August 2014, reportedly forged dozens of documents of fake real estate to acquire loans from state banks.

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.

Dermani was also accused of ties to business magnate Babak Morteza Zanjani, who is awaiting execution after being convicted in 2016 of embezzling $2.7 billion while helping the government circumvent international sanctions.

News of Dermani’s execution was presented in dramatic fashion on state television on Saturday, with an action-movie soundtrack and full documentary about his crimes.

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.

Iran has seen a sharp economic downturn this year, fuelled in part by US President Donald Trump’s decision in May to withdraw from a landmark 2015 nuclear deal and reimpose crippling unilateral sanctions.





M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.