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Korean prosecutors’ inquiry into suspicions that a Korean firm carried out fake intermediary trade with Iran is expected to move forward with the emergence of circumstantial evidence.
There is a big gap between the amount of money the firm received from Iran for its marble exports last year and the amount Tehran appears to have actually paid, according to Yonhap News.
Some observers suspect that the Islamic republic used the Korean firm to launder money deposited in the Iranian central bank’s won-based account at a Korean bank, which is free from the U.S.-led international sanctions against Tehran.
The firm allegedly withdrew some 1.09 trillion won ($1 billion) from the bank account at Seoul’s Industrial Bank of Korea last year. It claims it used the money to import marble from Dubai and then export it to Iran for the construction of religious architecture in the Islamic Republic.
But Iran spent only around 330 million won purchasing marble from the United Arab Emirates, according to the latest data posted on the Tehran government’s Internet site, Yonhap said. The data showed Iran imported the largest amount of marble ― worth 1.7 billion won ― from China.
Seoul’s prosecution launched its investigation into the case in September, suspecting that there might have been some inappropriate financial dealings between the firm and the Central Bank of Iran.
The firm made over 50 withdrawals for a total of 1.9 trillion won between February and July of 2011. The prosecution has secured necessary documents relating the case. But investigators have yet to gain any confirmatory evidence, reports said.
Korea has conducted trade with Iran through these won-based accounts established at the Industrial Bank of Korea and Woori Bank. The trade through the accounts does not run afoul of the U.S. sanctions against Iran.
Amid Washington’s stepped-up efforts to stop Iran’s nuclear ambitions, Seoul has participated in the anti-Tehran sanctions. Local companies are concerned that the sanctions could deal a blow to their businesses.
Due to the possible economic ramifications of the case, some argue that the prosecution has been passive in its probe or could scale it down ― a charge that investigators flatly deny.
By Song Sang-ho (sshluck@heraldcorp.com)
There is a big gap between the amount of money the firm received from Iran for its marble exports last year and the amount Tehran appears to have actually paid, according to Yonhap News.
Some observers suspect that the Islamic republic used the Korean firm to launder money deposited in the Iranian central bank’s won-based account at a Korean bank, which is free from the U.S.-led international sanctions against Tehran.
The firm allegedly withdrew some 1.09 trillion won ($1 billion) from the bank account at Seoul’s Industrial Bank of Korea last year. It claims it used the money to import marble from Dubai and then export it to Iran for the construction of religious architecture in the Islamic Republic.
But Iran spent only around 330 million won purchasing marble from the United Arab Emirates, according to the latest data posted on the Tehran government’s Internet site, Yonhap said. The data showed Iran imported the largest amount of marble ― worth 1.7 billion won ― from China.
Seoul’s prosecution launched its investigation into the case in September, suspecting that there might have been some inappropriate financial dealings between the firm and the Central Bank of Iran.
The firm made over 50 withdrawals for a total of 1.9 trillion won between February and July of 2011. The prosecution has secured necessary documents relating the case. But investigators have yet to gain any confirmatory evidence, reports said.
Korea has conducted trade with Iran through these won-based accounts established at the Industrial Bank of Korea and Woori Bank. The trade through the accounts does not run afoul of the U.S. sanctions against Iran.
Amid Washington’s stepped-up efforts to stop Iran’s nuclear ambitions, Seoul has participated in the anti-Tehran sanctions. Local companies are concerned that the sanctions could deal a blow to their businesses.
Due to the possible economic ramifications of the case, some argue that the prosecution has been passive in its probe or could scale it down ― a charge that investigators flatly deny.
By Song Sang-ho (sshluck@heraldcorp.com)
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Articles by Korea Herald
