A Bangkok-based plastics firm has reached a settlement with the U.S. Treasury, agreeing to pay $20 million to resolve 467 violations of Iran sanctions. SCG Plastics Co. utilized U.S. banks to process $291 million in sales of Iranian high-density polyethylene resin between 2017 and 2018.
The resin, commonly used in product bottles and industrial items, was produced by an Iranian joint venture involving SCG Plastics' parent company, SCG Chemicals, and the National Petrochemical Company of Iran, a government entity.
