Major Corruption Trial to Resume Oct. 31

Major Corruption Trial to Resume Oct. 31Major Corruption Trial to Resume Oct. 31

The third hearing in the trial of billionaire Babak Zanjani, who is facing corruption charges, was held on Tuesday (Oct. 6) in branch 15 of Tehran’s Revolutionary Court.

The previous two sessions were held on Saturday and Sunday.

Zanjani was arrested on December 30, 2013 after 12 lawmakers accused him of corruption and called for an inquiry into his financial activities, in a letter to the heads of the three branches of the government.

According to the indictments, the billionaire is facing charges including massive fraud at the Oil Ministry and money laundering.

Experts say the estimated net worth of his assets is around $13.8 billion.

The Oil Ministry says Zanjani still owes more than two billion euros for the oil exports that he handled on behalf of the former government after the US and the EU imposed sanctions on Iran over the country’s nuclear activities.

Given the long indictment against Zanjani, his lawyer requested more time to read the charges completely. The next hearing was set for October 31, Fararu website reported.

The court has ordered confiscation of all his property.