Iran executes ‘Sultan of Coins’ convicted of hoarding

Vahid Mazloumin appears in court for the first time on charges of manipulating the currency market. (Tasnim News Agency/Reuters)
Updated 14 November 2018
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Iran executes ‘Sultan of Coins’ convicted of hoarding

  • State TV reported that Vahid Mazloumin and his accomplice, Mohammad Ismail Ghasemi, were hanged early Wednesday
  • Iran detained Mazloumin in July for hoarding two tons of gold coins

TEHRAN: Iran executed the so-called “Sultan of Coins” and his accomplice on Wednesday for hoarding gold coins and other hard currency, signaling zero tolerance as it tries to shore up its currency in the face of an economic crisis.

State TV reported that Vahid Mazloumin and his accomplice, Mohammad Ismail Ghasemi, were hanged early Wednesday. They were convicted of manipulating coin and hard currency markets through illegal and unauthorized deals as well as smuggling. An unspecified number of other accomplices went to prison.

Iran detained Mazloumin, 58, in July for hoarding two tons of gold coins.

Iranians have stocked up on gold coins and other safe-haven investments as the local currency has plummeted in recent months amid renewed US sanctions following President Donald Trump’s withdrawal from the 2015 nuclear deal in May.

The Iranian rial has plunged to 135,000 to the dollar from last year’s rate of around 40,500.

Last week, President Hassan Rouhani said the Islamic Republic’s already-ailing economy is in a “war situation.” Sporadic protests over the deteriorating economy have erupted in recent months.


Saudi crown prince, Pompeo send a message to Iran: End hostility or pay the price

Updated 17 June 2019
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Saudi crown prince, Pompeo send a message to Iran: End hostility or pay the price

  • The US secretary of state said the US was discussing a possible international response
  • MBS hoped the Iranian regime “would opt to become a normal state and cease its hostile policy”

JEDDAH: The US will take all actions necessary — “diplomatic and otherwise” — to deter Iran from disrupting Gulf energy supplies, US Secretary of State Mike Pompeo warned on Sunday.

Pompeo spoke hours after Saudi Crown Prince Mohammed bin Salman said the Kingdom would “not hesitate in dealing with any threat against our people, sovereignty and vital interests.”

The twin warnings to the regime in Tehran followed last week’s attacks on two oil tankers in the Gulf of Oman, widely assumed to have been carried out by Iran.

“We don’t want war. We’ve done what we can to deter it,” Pompeo said in a TV interview. “But the Iranians should understand very clearly that we will continue to take actions that deter Iran from engaging in this kind of behavior.

“What you should assume is we are going to guarantee freedom of navigation throughout the Strait of Hormuz. This is an international challenge, important to the entire globe. The US is going to make sure that we take all the actions necessary, diplomatic and otherwise, that achieve that outcome.”

Pompeo said the US was discussing a possible international response, and he had made a number of calls to foreign officials about the tanker attacks.

He said China, Japan, South Korea and Indonesia relied heavily on freedom of navigation through the strait. “I’m confident that when they see the risk, the risk to their own economies and their own people, and outrageous behavior of Iran, they will join us in this.”

The Saudi crown prince, in an interview with the Arabic-language newspaper Asharq Al-Awsat, said the Kingdom had “supported the re-imposition of US sanctions on Iran out of our belief that the international community needed to take a decisive stance against Iran.”

He hoped the Iranian regime “would opt to become a normal state and cease its hostile policy.”

Crown Prince Mohammed said the Kingdom’s hand was always extended for peace, but the Iranian regime had disrespected the Japanese Prime Minister Shinzo Abe during his visit to Tehran by attacking the two oil tankers in the Gulf, one of which was Japanese.

“It also employed its militias to carry out a shameful attack against Abha International Airport. This is clear evidence of the Iranian regime’s policy and intentions to target the security and stability of the region.”

The crown prince said the attacks “underscore the importance of our demand before the international community to take a decisive stance against an expansionist regime that has supported terrorism and spread death and destruction over the past decades, not only in the region, but the whole world.”

Prince Mohammed’s interview was “a message to Tehran, and beyond Tehran, to the international community,” the Saudi political analyst and international relations scholar Dr. Hamdan Al-Shehri told Arab News.

“He sent out the message that we do not want a war in the region. He was offering peace, as is our nature, and that is what we are doing now. But if it is going to affect our vital interests, our vital resources and our people, we will defend ourselves and take action to handle any threat.  

“We are facing aggressive, barbaric and terrorist threats from Iran, and we must take rapid and decisive action against that. The Kingdom of Saudi Arabia is sending a message to the world that there must be a solution.”