US charges five in Texas, New York with colluding to break Iran oil sanctions
February 12, 2020, 11:42 am

US charges five in Texas, New York with colluding to break Iran oil sanctions

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag. (File photo: Reuters)

The US Justice Department said on Tuesday it had charged five people in Texas and New York with conspiring to violate a law on international commerce by arranging to purchase sanctioned Iranian oil and sell it to a refinery in China.

The defendants include Daniel Ray Lane, president of privately held STACK Royalties, LLC a Texas-based company that sells oil and gas mineral rights to investment funds and private equity groups.

The Justice Department charged the defendants with one count of conspiracy, and another for violating the International Emergency Economic Powers Act, based on allegations that from July 2019 to February 2020 they conspired to arrange for the purchase of oil from Iran for sale to an unnamed Chinese refinery. The charges also allege violations of US economic sanctions on Iran.

The five suspects, in addition to Lane, are Nicholas Haven of New York and Robert Thwaites, Nicholas Fuchs and Zhenyu Wang, also known as Bill Wang, of Texas.

Lane offered to further the conspiracy by laundering money through STACK Royalties, the Justice Department said. STACK did not immediately respond to requests for comment.

China is the world’s only major importer of Iranian oil despite sanctions President Donald Trump unilaterally reimposed on Tehran’s petroleum exports in 2018 after withdrawing the United States from the 2015 Iran nuclear deal between Tehran and six world powers.

“With the goal of illegally enriching themselves, the defendants conspired for over eight months to devise a scheme to violate US sanctions imposed on Iran, particularly the ban on foreign oil sales,” said Assistant Attorney General for National Security John Demers.

The defendants agreed to use a Polish shell company as a straw seller of the illicit oil and planned two shipments of oil per month, according to the charges against them.

The Justice Department said Fuchs and Thwaites agreed to apply for foreign passports in order to set up offshore accounts that would not be reported to US authorities.

If convicted, the defendants each face a maximum sentence of 25 years and a fine of up to $1.25 million, the department said. It was not immediately clear if the five had hired lawyers to represent them.

source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.