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Violation Tracker Individual Record

Company: SCG Plastics Co., Ltd.
Penalty: $20,000,000
Year: 2024
Date: April 19, 2024
Offense Group: financial offenses
Primary Offense: economic sanction violation
Violation Description: SCG Plastics Co., Ltd., part of a multinational enterprise headquartered in Bangkok, Thailand that sells plastic resins, agreed to pay $20,000,000 to settle its 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 high-density polyethylene resin (HDPE) manufactured by a joint venture in Iran owned by, among others, SCG Plastics' parent company and the National Petrochemical Company of Iran, an entity that is part of the Government of Iran.
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
Civil or Criminal Case: civil
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.