Death sentence for Iranian billionaire who helped Tehran dodge sanctions - but was accused of stealing US$2.8bn

Iran has sentenced billionaire tycoon Babak Zanjani, reportedly one of the country’s richest men, to death, convicting him of corruption after a long trial on accusations he fraudulently pocketed US$2.8 billion.

A justice official announced the punishment Sunday, noting that Zanjani, who became notorious for finding ways to channel hard currency from oil sales during the sanctions-ridden era of president Mahmoud Ahmadinejad from 2005 to 2013, could appeal.

Zanjani rose to prominence after sanctions imposed on the Islamic republic’s banks as punishment for its nuclear programme hit the country’s finances hard.

Having taken commissions, he said he was at all times working with the knowledge and backing of Ahmadinejad’s government and he boasted in media interviews of his skills and wealth amassed by managing to subvert the banking restrictions.

He said he did so using a web of companies in various countries including the United Arab Emirates, Turkey and Malaysia, selling millions of barrels of Iranian oil.

But he was arrested in December 2013, three months after current President Hassan Rouhani took office, having pledged to crack down on corruption.