Oil Trader Faces Suit Over Company Hit by US-Iran Sanctions
- Mazzagatti accused of diverting funds from Mehr Petrochemical
- Francesco Mazzagatti denies allegations in suit filed by API
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The energy trader seeking to buy UK gas assets from Shell Plc and Exxon Mobil Corp. was sued over allegations that he diverted money from an Iranian petrochemical company that was later banned from doing business in the US.
Francesco Mazzagatti is accused in a London lawsuit of profiting from an indirect ownership of Mehr Petrochemical Co., an Iranian maker of plastic resin. The US Treasury said last year that Mehr was at the heart of a vast “shadow banking network” that helped other companies continue to do business on behalf of the Iranian regime.