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World

Iran tycoon stands trial on corruption charges nearly 2 years after arrest

Associated Press
Published | Updated

TEHRAN, Iran – Iran's state TV says the trial has begun for a well-known tycoon charged with corruption, fraud and money laundering.

Babak Zanjani, who was arrested in Dec. 2013 during a crackdown on alleged corruption during the rule of former President Mahmoud Ahmadinejad, could face the death penalty. The first hearing in Zanjani's trial was held on Saturday.

Iran's Oil Ministry says Zanjani owes more than 2 billion euros ($2.25 billion) for oil sales he made on behalf of Ahmadinejad's government.

Zanjani is one of Iran's wealthiest businessmen, with a fortune worth an estimated $14 billion. He was arrested shortly after the election of President Hassan Rouhani, who ordered a crackdown on alleged corruption during the eight-year rule of his hard-line predecessor.