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What a world: ‘Sultan of Coins’ is hanged but Jamie Dimon and Blythe Masters live
Submitted by cpowell on 06:40PM ET Wednesday, November 14, 2018. Section: Daily Dispatches
Iran Hangs Gold Coin ‘Sultan’ in Crackdown After U.S. Sanctions
By Ladane Nasseri
Wednesday, November 14, 2018
Iran executed a gold dealer known as the « Sultan of Coins » in a warning to merchants not to exploit the country’s financial troubles as U.S. sanctions squeeze the economy.
Vahid Mazloumin was sentenced to death in October after being accused by Iranian authorities of contributing to price hikes by hoarding gold. His assistant, Mohammad Esmail Qassemi, was also hanged early today, state-run Iranian Students News Agency said.
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The very specter of sanctions, even before they were resumed in August, plunged the Iranian currency market into turmoil and sent the rial plummeting about 70 percent against the dollar, fueling a surge in prices and encouraging illegal trading.
Mazloumin didn’t hold a permit to trade gold and foreign currency, yet had formed the largest illegal network in that area, according to state-run Fars news agency. He instructed his team to corner the gold coin market to resell at higher prices, amassing about 2 tons of them, local media said. …
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