An Iranian court on Sunday, sentenced billionaire businessman Babak Zanjani to death for embezzlement of public funds, and “spreading corruption on Earth”.
Babak Morteza Zanjani is auguably one of the richest men in the entire Islamic Nations, with a net worth of over $13.5 billion, he heads a body known as the UAE-based Sorinet Group which is ranked as one of the biggest conglomerate in the country, he also owns a private football club and an airline called Rah Ahan Sorinet F.C. and Qeshm Airlines respectively.
According to newsweek, the authorities ordered him to return the stolen funds which is said to be $2.7 billion to the states National Iranian Oil Company with immediate effect.
“The preliminary court has sentenced these three defendants to be executed, as well as paying restitution to the plaintiff,” judicial spokesman Gholamhossein Mohseni Ejei said in a weekly news conference.
Ejei further clarified that the billionaire and his accomplice can appeal the case.
With President Buhari vowing to make the fight against corruption the cornerstone of his administration can there be a Babak Zanjani? Can Nigerian billionaires be said to be innocent of corrupt practices. As we approach the first year anniversary of the Buhari’s administration, how many of such billionaires are said to be behind bars so far? Only time will tell.
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.