A statement made by the National Iranian Petrochemical Industries Company (NIPIC) on Wednesday March 13, revealed that the Petrochemical Commercial Company (PCC), the center-piece of a major financial scandal being investigated at a Tehran court, has failed to return 500 million euros of its debts since 2013.

This clearly contradicts an earlier statement by Tehran prosecutor Abbas Jaafari Dolatabadi who had insisted there was no embezzlement in the case and the suspects simply “mishandled funds” from export of petrochemicals to the tune of interest on 4 million euros in their accounts.

Several PCC managers are among the suspects in the financial corruption case linked to Iran's sanction-busting operations currently being investigated for the alleged corruption which took place before the 2015 nuclear deal ended international sanctions.

The statement added that the suspects returned return 3.2 billion euros in 2011 and 622 million euros earned the following years through exporting petrochemical products in local currency, instead of euros to the government making illegal profits in the process.

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