Iran executes gold market's 'Sultan of Coins'

Cheryl Sanders
November 17, 2018

Amnesty International condemned the "abhorrent executions", saying Iranian authorities "flagrantly violated international law" by executing the men for non-lethal crimes.

Iran has executed the so-called "Sultan of Coins" and his accomplice for hoarding gold and other hard currency as the country faces an economic crisis in the wake of United States sanctions.

Mazloumin, 58, known as the "sultan of coins" was arrested in July for hoarding two tons of gold coins over a ten-month period and several of their accomplices have been jailed.

"With these abhorrent executions the Iranian authorities have flagrantly violated worldwide law", said Amnesty's Middle East and North Africa research director, Philip Luther.

Many Iranians have stocked up on gold coins and other safe haven investments as the rial has plummeted this year to 135,000 to the dollar from last year's rate of around 40,500.

Fearing for the economy, many Iranians rushed to secure their savings by buying foreign exchange and precious metals, the AFP news agency reported.

The sanctions target Iran's purchase of U.S. dollars, its trade in gold and other precious metals as well as its automotive and aviation sectors.

Earlier in 2012, when the global sanctions against Iran intensified and the national currency experienced sharp collapse police closed the capital city's open currency market and arrested up to 100 people, including gold coin dealers.

There have been widespread reports this year of dealers and middlemen manipulating the markets by hoarding dollars and coins in order to push up prices.

It is noted that during the work of these courts issued at least seven death sentences, and some meetings were broadcast on television live.

The ruling was later upheld by Iranian Supreme Court.

A second phase of sanctions targeting Iran's energy sector officially started on November 5.

Other reports by iNewsToday